Jane Hume, an Australian politician, spoke at the Australian Financial Review Super & Wealth on Monday. via Decentralized Finance (DeFi). summit in Sydney.

In her speech, she referred to the Reserve Bank of Australia (RBA), which called crypto a fad. And she stressed that this is most certainly not the case. She also urged policymakers to adopt blockchain technologies like DeFi cautiously instead of acting fearfully – because it won’t go away anytime soon.

Related reading | Crypto will dominate the Australian financial industry in less than 10 years

The Liberal Party Senator said that DeFi would offer incredible opportunities. And Australia cannot miss these opportunities for fear of the unknown.

DeFi doesn’t go away

The senator’s speech comes just days after Tony Richards, outgoing payments director at the Reserve Bank of Australia, called crypto a fad. In a speech last week, he predicted a future in which people would be less influenced by these digital currencies, “with no issuers, no support and of highly uncertain value”. Instead, they would lean towards currencies issued by regulated entities.

However, Senator Hume called DeFi an emerging and rapidly developing area of ​​financial technology with many possibilities. She said the introduction of blockchain technology will boost the country’s economy. And also consolidate Australia as a pioneer in innovation and economic progress.

While giving her position on how cryptocurrencies will stay, she cited a recent report on financial technology. This report estimates that around 17% of Australians invest in cryptocurrency. However, Richards thought the estimate was unlikely because online surveys were not accurate. Hume also mentioned the Commonwealth Bank’s move to allow their customers to hold cryptocurrencies. This makes it the first Australian bank and one of the few worldwide to offer this service to its customers.

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

Finally, she presented her point of view on the subject. In her opinion, innovation historically 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 phone on separate devices,” she said.
“Don’t be the person who said in 1995 that the internet was just a place for geeks and criminals and that it would never go mainstream. And don’t be the person who said email was a passing fad. “

Australian regulators on crypto

Other Australian senators like Andrew Bragg have also pushed for crypto regulations. He felt that this would give credibility and validity to the blockchain sector.

Related reading | Top Australian baseball club pays players in Bitcoin

Matt Comyn, CEO of the Commonwealth Bank of Australia, spoke about the risks of not participating in crypto. Last week he stated that cryptocurrencies are very volatile and speculative. And that banks have to be involved.

Comyn also said crypto is there to stay as customers trade in demand for crypto. Earlier this month, the bank announced a partnership with the Gemini crypto exchange to offer crypto services to its customers.

Featured image from Australian Broadcasting Corporation, chart from TradingView.com

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