Australian Senator Jane Hume said that we need to acknowledge that cryptocurrency is not a fad, adding that there are huge opportunities for decentralized finance (defi). “We should proceed with caution, but don’t be afraid,” she said, emphasizing that “Australia cannot be left behind because of the fear of the unknown.”

The Australian Senator said that cryptocurrency will not disappear, but he sees an “unbelievable” opportunity in Defi

Australian Senator Jane Hume talked about cryptocurrency and decentralized finance (defi) in a speech at the Australian Financial Review Super and Wealth Summit in Sydney on Monday.

Hume is the Australian Minister of Pensions, Financial Services and Digital Economy. She is also the Minister of Women’s Economic Security of the country.

Referring to a recent report by the Australian Senate Committee, the report claimed that 17% of Australians are investing in cryptocurrencies. Hume emphasized: “This is an asset class that has captured the hearts of the people, but other than that-no matter how you personally Think-this is a technology that will not develop soon.”

The senator emphasized:

Therefore, as an industry, as a government, we need to admit that this is not a fashion. We should proceed with caution, but don’t be afraid.

This is not the first time Hume has said that cryptocurrency is not a fashion. In May, she also stated: “I want to be clear: cryptocurrency is not a fashion. This is an asset class that will increase in importance.”

In Monday’s speech, Hume also talked about the country’s largest bank Commonwealth Bank of Australia (Commbank or CBA) entering the crypto space.Bank Announce Earlier this month, it partnered with cryptocurrency exchange Gemini to “allow its customers to hold and use Bitcoin and other cryptocurrencies through its 6.5 million user banking application,” the senator described. “This will make CBA the first Australian bank to provide customers with this kind of access, and one of the few banks in the world.”

In addition, Commonwealth Bank CEO Matt Comyn said last week that although “we see the risks of participating in encryption,” “we see the risks of participating in encryption are greater.” Not participating. “

Hume also discussed decentralized finance (defi). “Decentralized finance based on blockchain technology will bring incredible opportunities,” she said, emphasizing that “Australia cannot be left behind by fear of the unknown.” The senator said:

Decentralized finance or defi is an emerging and fast-growing field of financial technology, which brings huge opportunities.

What do you think of Senator Jane Hume’s comments? Please let us know in the comments section below.

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