And at the same time many big companies (especially tech ones that are highly regarded in the industry... I mean surely they know best!) were starting up blockchain projects too... Then quietly abandoning them (ie https://www.zdnet.com/finance/blockchain/microsoft-is-shutting-down-its-azure-blockchain-service/). The technology is just not effective for this kinda problem, or really any problem proposed to be solved by any project. And having worked in the government in the technology space, I assure you technological capabilities are not their forte.
Banks are already fully transparent in terms of transactions and disclosing to the ATO. What exactly does a blockchain solve in this instance? Apart from making the whole process more convoluted and expensive? Our currency is predominantly digitised already anyhow. We don't need this technology.
Cryptocurrency experienced a surge in attraction and reception that it instilled a false sense of legitimacy. That the technology was simply "too complex" for the average person to understand and it is an accepted axiom that it is the future. "Crypto -> Cryptography, only smart people know that right?"
The reality is, almost every implementation of a cryptocurrency has turned out to facilitate a scam and the system is incredibly wasteful, slow and expensive. Not to mention riddled with so many problems like the worst being losing all your money due to some vulnerability, forgetting a sequence of passcodes, losing your digital wallet, incorrect transaction address, etc.
Yeh governments will get money out of taxing it, but its no different than gambling. At least at the casino your winnings aren't taxed.
