Australian Regulator Postpones Blockchain Adoption on Coronavirus

Australian Regulator Postpones Blockchain Adoption on Coronavirus Outbreak

The Australian Securities Exchange (ASX) has once again postponed its switch to blockchain, due to its uncertainty about the potential effects of coronavirus.

In a statement published Wednesday, the Australian regulator stated that it was replanning the blockchain timetable in light of the unfolding impacts of COVID-19, as well as the issues that were under consideration before the pandemic outbreak.

“In June, ASX will seek user input on the new schedule that will move the go-live date from April 2021 to a later date. In the meantime, the target of opening an Industry Test Environment (ITE) in July is retained,” ASX stated.

The market watchdog has been developing its blockchain infrastructure to replace the current system of processing equity transactions since December 2017.

Having postponed the blockchain adoption before, it seems that the epidemic imposed more pressures on ASX’s development activities:

For his part, ASX Deputy CEO Peter Hiom said:

“In light of recent events, ASX is replanning the implementation of the CHESS replacement system. We are conscious of the importance of providing a new schedule, and the need to get the valuable input of CHESS users. Right now, however, in this environment of heightened volatility and activity levels, the industry needs to focus on day-to-day operations.”

“We will therefore wait until June to consult on the new timetable when we expect everyone will have more time to consider the replan and better assess the implications of COVID-19. We will then announce the new schedule,” he added.

Coronavirus delays crypto conferences

Cryptolydian earlier reported that Coindesk, organizer of Consensus 2020, has decided to host the conference virtually at no charge after rapid spread of coronavirus ‘COVID-19’ worldwide.

At the virtual event, people can watch the talks and communicate with other participants from home. Through the virtual experience, the participants can explore the crypto space.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.