Australian Senator Believes Crypto is Not a Fad and DeFi has Opportunities
Jane Hume, an Australian senator, stated that it is time to acknowledge that cryptocurrency is not just a fad and added that the decentralized finance (DeFi) space is offering a horde of opportunities. She stated that it was essential to tread cautiously, but there was no need to be fearful. She went on to say that ‘fear of the unknown’ was not a reason for Australia to be left behind. The senator talked about decentralized finance (DeFi) and cryptocurrencies on Monday in Sydney where she was giving a speech at the Australian Financial Review Super & Wealth Summit.
She is the minister for financial services, superannuation and the digital economy in Australia. She also serves as the minister for the economic security of women in the country. Hume referred to a recent report from the Australian Senate Committee that claimed that most 17% of Australians were investing in cryptocurrency. She stressed that cryptocurrency was an asset class that appeared to have captured the hearts and minds of people and said that it was a technology that wasn’t going to go away anytime soon. After all, a lot of crypto critics believe that crypto is a fad and will not last in the long run.
The senator clearly does not agree with the critics and said that that as a government and an industry, it was essential to acknowledge that crypto is not just a fad. This is certainly not the first time that Hume has stated that digital assets are not a fad. She has previously said that this asset class will continue to grow in importance. In her speech, Hume also talked about the Commonwealth Bank of Australia (Commbank or CBA), which is the biggest bank in the country, entering the crypto space.
Early this month, the bank had announced that it was entering into a partnership with Gemini, a popular crypto exchange, for allowing its clients to hold as well as use Bitcoin and other cryptocurrencies through its banking app that has 6.5 million users. Hume said that this would make CBA the first bank in Australia and a few of the banks globally to be giving its clients this kind of access. Furthermore, last week, the CEO of the Commonwealth Bank, Matt Comyn said that participating in crypto undoubtedly comes with its risks, but not participating is also very risky. Hume also talked about the world of decentralized finance (DeFi).
She said that this space is powered by blockchain technology and could offer some incredible opportunities. She added that it wasn’t wise for Australia to be fearful of the unknown. In her opinion, the world of decentralized finance is an emerging area of the crypto space that’s revolving rapidly, which means that there are going to be a lot of massive opportunities that can be explored. Australia has not yet introduced a regulatory framework for cryptocurrencies and is still working on developing a law for the digital assets space, even as Australian are taking a great deal of interest in it.