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DeFi is “not going any time soon”: Australian Senator


cryptoknowmics.com 22 November 2021 04:30, UTC
Reading time: ~2 m

According to the liberal Party, Senator DeFi represents excellent opportunities for Australia. It has supported the nation to solidify its position as a "front-runner for innovation and economic growth. On Monday, November 22, Senator Hume spoke at the Australian Financial Review Super & Wealth Summit in Sydney.

Senator Jane Hume, the Minister for Women's Economic Security Australia, represents the Liberal Party and the Victorian state. The conference primarily focused on super and government retirement funds, both known for being slow and steady investments. In this light, the comments on DeFi are more noteworthy.

Senator Hume urged to recognize that DeFi

Senator Hume urged industry and government to recognize that DeFi is "not a fad" and to "tread carefully, but not scared" because the technology is "not going away anytime soon."

"If the last 20 or 30 years have taught us anything, it's that all innovation begins as disruption and ends as a household name," she explained. She also mentioned how fast-paced the industry is:

"Decentralized finance underpinned by blockchain technology will present incredible opportunities ‑ Australia mustn't be left behind by fear of the unknown."

She discusses the policy and addresses that Australia's economic future will be defined by "innovation" and "uptake of technology" as the nation is recovering from the financial crisis after the COVID-19 pandemic.

She also praised industry players for "embracing innovation and improvements in this domain," particularly in the area of blockchain technology, honoring Commonwealth Bank in particular.

The bank stated on November 3 that its 6.5 million banking app customers would be able to trade ten crypto assets, including Bitcoin, Ether, Bitcoin Cash, and Litecoin.

"This will make CBA the first Australian bank — and one of just a few banks in the world — to provide consumers with this level of access," she added.

17% of Australians invest in cryptocurrency.

As per the Finder's Crypto Survey, which received responses from 27,400 people, seventeen percent of Australian citizens invest in cryptocurrency. However, lawmakers and regulatory authorities are putting more pressure on the government to adopt cryptocurrency. Last month, pro-crypto NSW senator Andrew Bragg's parliamentary committee released its "crypto report," which included 12 suggestions to address fundamental concerns in the cryptocurrency market. According to Bragg, the suggestions will allow Australia to compete with significant blockchain and crypto jurisdictions such as Singapore, the United States, and the United Kingdom in the blockchain and crypto businesses.

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