Cryptheory – Just Crypto

Cryptocurrencies are our life! Get an Overview of Market News

Australian Senate Committee: Blockchain Could Curb Imports of Forced Labor Goods

2 min read

Australian Senate Committee: Blockchain Could Curb Imports of Forced Labor Goods

Blockchain technology was recommended to curb the import of forced-labor goods in a report from the Australian Senate Foreign Affairs, Defence, and Trade Committee. 

The committee’s report examined the country’s recent Customs Amendment Bill. The report offered 14 recommendations, ranging from broadening the legislation to bolstering the country’s border security. 

Among these recommendations, the report also highlighted the importance of tracking the source of goods along supply chains. Along with isotopic labeling and microbiome tracing, blockchain technology could enable companies and governments to better trace their supply chains. 

The Customs Amendment Bill

Independent Senator Rex Patrick introduced the Customs Amendment Bill in December, seeking to amend the country’s 1901 Customs Act. The amendment focuses in particular on the import of goods produced by the oppressed Uyghur population in China. If the bill is ratified, it would prohibit the import of “slave labor” goods produced by the Uyghurs in China.

“I am very pleased with the outcome of this important inquiry which has delivered strong bipartisan recommendations for action to prevent the importation of goods produced using forced labor,” Patrick said of the report. “Especially in regard to imports from China made using coerced Uyghur people.”

Australia’s relations with China have strained over the past few years. The reasons range from the spread of the coronavirus to Chinese-instituted tariffs on Australian exports, as well as China’s treatment of its ethnic Uyghur population.

Australia on cryptocurrencies and blockchain

While Australia is considering the use of blockchain technology to promote human rights, it’s still on the fence about the technology’s use in finance. Currently, the Australian Senate’s Select Committee on Australia as a Technology and Financial Centre is exploring regulations on crypto assets.

The committee chaired by Senator Andrew Bragg will look at the policy and legal backdrop surrounding cryptocurrencies in Australia. It will also consider approaches taken by Canada, Singapore, the United Kingdom, and the European Union. Ultimately, the goal would be the development of a comprehensive regulatory framework for cryptocurrency and digital assets.

The post Australian Senate Committee: Blockchain Could Curb Imports of Forced Labor Goods appeared first on BeInCrypto.


All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
BlackRock (IBIT), the Grayscale Bitcoin Trust (GBTC), Fidelity (FBTC), Ark Invest/21Shares (ARKB), Bitwise (BITB), Franklin (EZBC), Invesco/Galaxy (BTCO), VanEck (HODL), Valkyrie (BRRR), WisdomTree (BTCW), Hashdex (DEFI)

Leave a Reply

Your email address will not be published. Required fields are marked *