Senator Jane Hume says decentralized financing (DeFi) presents Australia as a “huge opportunity” to cement its position as a “front-runner in innovation and economic progress”.
Senator Hume spoke at the Australian Financial Review Super and Wealth Summit in Sydney on Monday, November 22. She is the Australian Minister for Women’s Economic Security, representing the Liberal Party and the state of Victoria. The conference was primarily about super and government retirement funds – both infamous slow and steady investments. DeFi’s comments are more significant in this regard.
Senator Hume called on industry and government to define “not a fad” and “to move with caution, but not with fear” because the technology “is not going away any time soon.”
“If the last 20 or 30 years have taught us anything, it’s that all innovation starts as a barrier and ends as a family name,” he said. He also mentioned the rapid nature of the industry:
“Decentralized finance, driven by blockchain technology, will present an incredible opportunity – Australia should not be left behind for fear of the unknown.”
Speaking on policy, he noted that Australia’s economic future would be defined by “innovation” and “adoption of technology” as the country recovers from the financial losses of the COVID-19 epidemic.
He praised the industry players for “embracing innovation and development in this space”, especially in the vicinity of blockchain technology, citing specific references to the Commonwealth Bank.
On November 3, the bank announced that it would allow 6.5 million users of its banking app to trade 10 crypto assets, including Bitcoin, Ether, Bitcoin Cash and Lightcoin.
“This would make CBA the first Australian bank – and one of only a few banks worldwide – to offer this kind of access to customers,” he said.
Related: Average Aussie crypto portfolio grew 258% in FY 20-21, survey reveals
According to Finder’s Crypto Survey of 27,400 respondents, 17% of Australians invest in cryptocurrencies. However, the country’s adoption of crypto has increased pressure on lawmakers and regulators.
Last month, the Senate Committee on Pro-Crypto NSW Senator Andrew Bragg released its “Crypto Report,” which included 12 recommendations aimed at addressing key issues relevant to the cryptocurrency sector.
Bragg said the recommendations would enable Australia to compete with the top judiciary for blockchain and crypto industries, including Singapore, the United States and the United Kingdom.