New research presented at the Australian Digital Economy Conference in Queensland highlights the significant economic gains Australia could achieve by strategically innovating its digital finance sector. The study identifies opportunities in various financial markets, with foreign exchange and cross-border payments leading the way. The potential annual gains are estimated at billions of dollars across different asset classes. Despite the existing foundational elements, such as strong financial markets and technological capabilities, barriers like outdated infrastructure and regulatory ambiguity hinder progress. To fully realize the projected US$12 billion digital finance potential, the country must address these challenges and embrace digital finance innovation. Collaboration between industry stakeholders and regulatory clarity are essential for Australia to become a global leader in digital finance. The research emphasizes the importance of swift action to capitalize on these opportunities and shape a prosperous future for Australia's digital economy. Read more AI-generated news on: https://app.chaingpt.org/news