Australian Senator Says DeFi Is Here To Stay, And Australia Must Not Be Left Behind
23 November 2021 - 3:00AM
NEWSBTC
Jane Hume, an Australian politician, spoke about Decentralized
Finance (DeFi) on Monday at the Australian Financial Review Super
& Wealth Summit in Sydney. In her speech, she
referenced the Reserve Bank of Australia (RBA) calling crypto a
fad. And she emphasized that it most certainly is not. She further
urged policymakers to cautiously embrace blockchain technology like
DeFi rather than act fearfully – because it is not going away
anytime soon. Related Reading | Crypto Is Set To Dominate
Australian Financial Industry In Less Than 10 Years The Liberal
Party Senator explained that DeFi would present incredible
opportunities. And Australia must miss out on these opportunities
for fear of the unknown. DeFi Is Not Going Away The Senator’s
speech comes just days after Tony Richards, the Reserve Bank of
Australia’s outgoing head of payments policy, called crypto a fad.
In a speech last week, he predicted a future with people being less
influenced by these digital currencies with “no issuer, no backing,
and highly uncertain value.” Instead, they would lean toward
currencies that regulated bodies issue. Senator Hume, however,
called DeFi is an emerging and rapidly evolving area of financial
technology with many opportunities. She said that embracing the
blockchain technology will drive the country’s economy forward. And
also cement Australia as a frontrunner for innovation and economic
progress. While making her point about how crypto is here to stay,
she referenced a recent report on financial technology. This report
estimated that about 17% of Australians are investing in
cryptocurrency. Richards, however, found the estimate unlikely,
saying online surveys were not accurate. Hume also mentioned the
Commonwealth Bank’s move to allow its customers to hold
cryptocurrencies. This move makes it the first Australian bank and
one of a few worldwide to offer customers this service. DeFi market
cap at $164.8B | Source: Crypto Total DeFi Market Cap on
TradingView.com Finally, she offered her perspective on the issue.
According to her, historically, innovation begins as disruption
before it is generally accepted. “Don’t be the person who thought
the iPhone would never take off because people would prefer to have
their music and telephone on separate devices,” she said. ”Don’t be
the person in 1995 who said the internet was just a place for geeks
and criminals and would never become mainstream. And don’t be the
person who argued that email was a passing fad.” Australian
Regulators On Crypto Other Australian Senators like Andrew Bragg
have also been pushing for crypto regulations. He opined that this
would bring credibility and validity to the blockchain sector.
Related Reading | Top Australian Baseball Club To Pay Players
In Bitcoin Matt Comyn, CEO of the Commonwealth Bank of Australia,
talked about the risks of not participating in crypto. Last week,
he explained that cryptocurrencies are very volatile and
speculative. And that banks need to be involved. Comyn also said
that crypto is here to stay, given customers’ demand to trade
crypto. Earlier this month, the bank announced a partnership with
crypto exchange Gemini to offer crypto services to its customers.
Featured image by Australian Broadcasting Corporation, Chart from
TradingView.com
Maker (COIN:MKRUSD)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Maker (COIN:MKRUSD)
Historical Stock Chart
Von Apr 2023 bis Apr 2024