KUCHING: By restructuring cash-based transaction and using digital payments in the very near future, Chief Minister believes the government can efficiently cut the Black Economy and increase revenue through sales tax.
“This is one of the most obvious and common benefits of Digital Economy, when transaction is digitized, monitoring sales and taxes becomes more convenient,” Datuk Patinggi Abang Johari Tun Openg said in his Opening Address and Official Launching of IDECS 2019 themed “Envisioning Sarawak Future Living at Borneo Convention Centre Kuching (BCCK), this morning.
“With the introduction of Blockchain in our management and transaction of our accounts and payment, monitoring records of payment, sales, procurement, billings, collection and generation of financial reports becomes so automated that it will eradicate any human intervention and allow for total transparency, cost efficiency, speed and optimal utilization of resources,” he pointed out.
“Blockchain will be one of the more obvious and common benefits of the Digital Economy both to the citizen and the government,” he said.
Don Tapscott deliberated on the Blockchain technology during the first IDECS Conference in 2017.
Abang Johari said, there were so many other benefits from Digital Economy which almost every country in this world was forgoing into.
“For Sarawak we have began that journey since I took over as Chief Minister and we have chart our strategies and action plans which are now in the early stage of implementation. Please bear with me as we will conduct and roll out our Digital Economy projects surely but certainly and with proper governance,” he said.
“We cannot afford to make mistakes in this journey and with god blessing our State and the people will benefits from our efforts,” he added.