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Numerous studies have already been conducted assessing the impact of the increasing adoption of crypto and other digital assets. A recent study in Australia projects that consumers and businesses could save billions of dollars annually by using digital assets for international transactions while contributing billions more to the country’s gross domestic product.
This was revealed by a new report titled “Digital assets in Australia 2022” published on November 29, 2022, which outlined a number of potential benefits the growth of the digital assets sector could bring. The study was commissioned by the technology industry advocacy group Tech Council of Australia (TCA) and conducted by technology consulting firm Accenture, Cointelegraph reported.
The study said that digital assets, which include various cryptos such as Bitcoin (BTC) and Ethereum (ETH), stablecoins such as Tether (USDT) and USD Coin (USDC), tokens, and Central Bank Digital Currencies (CBDC), could deliver an “80% reduction in retail payments costs by 2030.” Using digital assets would also allow Australian businesses to save 200 million hours annually by automating tax compliance and another 400,000 hours is the preparation of business loan documents.
Businesses could also benefit from the instantaneous settlement of business transactions through the use of crypto, CBDC, and other digital assets as it will allow them to better manage their cash positions. It is estimated that around 4,000 Australian businesses fail each year due to cash flow issues.
Meanwhile, Australian consumers could potentially save up to US$2.7 billion per year (AU$4 billion). This translates to an average savings of US$107 (AU$160) per person per year if they opt to use digital assets for international transactions.
Adoption of digital assets would also significantly boost the country’s economy. The report projects that up to $40 billion a year (AU$60 billion), could be added to Australia's national GDP.
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