{"id":476993,"date":"2021-11-23T02:00:09","date_gmt":"2021-11-23T02:00:09","guid":{"rendered":"https:\/\/ktsl888.com\/?p=476993"},"modified":"2021-11-25T11:59:22","modified_gmt":"2021-11-25T11:59:22","slug":"australian-senator-says-defi-is-here-to-stay-and-australia-must-not-be-left-behind","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/defi\/australian-senator-says-defi-is-here-to-stay-and-australia-must-not-be-left-behind\/","title":{"rendered":"Australian Senator Says DeFi Is Here To Stay, And Australia Must Not Be Left Behind"},"content":{"rendered":"
Jane Hume, an Australian politician, spoke about Decentralized Finance (DeFi) on Monday at the Australian Financial Review Super & Wealth\u00a0<\/span>Summit<\/span><\/a>\u00a0in Sydney.<\/span><\/p>\n In her speech<\/a>, 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 \u2013 because it is not going away anytime soon.<\/span><\/p>\n Related Reading |\u00a0Crypto Is Set To Dominate Australian Financial Industry In Less Than 10 Years<\/a><\/em><\/strong><\/p>\n The Liberal Party Senator explained that DeFi would present incredible opportunities. And Australia must not miss out on these opportunities for fear of the unknown.<\/span><\/p>\n The Senator’s speech comes just days after Tony Richards, the Reserve Bank of Australia\u2019s outgoing head of payments policy, called crypto a fad. In a speech<\/a> last week, he predicted a future with people being less influenced by these digital currencies with \u201cno issuer, no backing, and highly uncertain value.\u201d Instead, they would lean toward currencies that regulated bodies issue.<\/p>\n Senator Hume, however, called DeFi an emerging and rapidly evolving area of financial technology with many opportunities. She said that embracing blockchain technology will drive the country’s economy forward. And also cement Australia as a frontrunner for innovation and economic progress.<\/p>\n While making her point about how crypto is here to stay, she referenced a recent report on financial technology. This report estimated<\/a> 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.<\/p>\n <\/p>\n Finally, she offered her perspective on the issue. According to her, historically, innovation begins as disruption before it is generally accepted.<\/p>\n \u201cDon\u2019t be the person who thought the iPhone would never take off because people would prefer to have their music and telephone on separate devices,\u201d she said. \u201dDon\u2019t be the person in 1995 who said the internet was just a place for geeks and criminals and would never become mainstream. And don\u2019t be the person who argued that email was a passing fad.\u201d<\/p>\n 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.<\/p>\nDeFi Is Not Going Away<\/span><\/h2>\n
DeFi market cap at $164.8B | Source: Crypto Total DeFi Market Cap on TradingView.com<\/a><\/pre>\n
Australian Regulators On Crypto<\/span><\/h2>\n