Australian Senator says DeFi will continue to exist and Australia cannot be left behind

Australian politician Jane Hume talked about decentralized finance (DeFi) at the Australian Financial Review Super & Wealth on Monday summit In Sydney.

In her speech, She mentioned the Reserve Bank of Australia (RBA), saying that cryptocurrency is a fashion. She emphasized that this is definitely not. She further urged policymakers to accept blockchain technology like DeFi cautiously and not take terrible actions-because it will not disappear anytime soon.

Related Reading | Cryptocurrency will dominate the Australian financial industry in less than 10 years

The Liberal Senator explained that DeFi will provide incredible opportunities. Because of fear of the unknown, Australia must miss these opportunities.

DeFi will not disappear

The senator’s speech came days after Tony Richards, the outgoing head of payments policy at the Reserve Bank of Australia, called encryption technology fashionable.in a speech Last week, he predicted that people will be less affected by these digital currencies in the future, “there is no issuer, no support, and the value is highly uncertain.” Instead, they will prefer currencies issued by regulated institutions.

However, Senator Hume said that DeFi is an emerging and fast-growing field of financial technology with many opportunities. She said that embracing blockchain technology will push the country’s economy forward. It also consolidated Australia’s position as a leader in innovation and economic progress.

When talking about how encryption will exist, she cited a recent report on financial technology.This report estimated Approximately 17% of Australians are investing in cryptocurrencies. However, Richards believes that this estimate is unlikely, saying that the online survey is not accurate. Hume also mentioned the Commonwealth Bank’s move to allow its customers to hold cryptocurrencies. This move made it the first Australian bank and one of the few banks in the world to provide this service to customers.

DeFi market cap at $164.8B | Source: Crypto Total DeFi Market Cap on TradingView.com

Finally, she put forward her views on this issue. According to her, historically, innovation began to disrupt before it was generally accepted.

“Don’t think that the iPhone will never be popular because people are more willing to put music and phones on different devices,” she said.
“Don’t be the person who said in 1995 that the Internet was just a place for geeks and criminals, and would never become mainstream. Don’t be the person who thought email was just a flash in the pan.”

Australian cryptocurrency regulator

Other Australian senators such as Andrew Bragg have also been pushing for encryption regulations. He believes that this will bring credibility and effectiveness to the blockchain field.

Related Reading | Australia’s top baseball club pays players in Bitcoin

Commonwealth Bank of Australia CEO Matt Comyn talked about the risks of not participating in encryption. Last week, he explained that cryptocurrencies are very unstable and speculative. Banks need to be involved.

Comyn also stated that in view of customer demand for trading cryptocurrencies, cryptocurrencies will continue to exist. Earlier this month, the bank announced a partnership with cryptocurrency exchange Gemini to provide crypto services to its customers.

Featured image by Australian Broadcasting Corporation, Chart from TradingView.com

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