{"id":14611,"date":"2021-11-23T03:54:05","date_gmt":"2021-11-23T03:54:05","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/australian-senator-we-need-to-acknowledge-crypto-is-not-a-fad-defi-presents-huge-opportunities\/"},"modified":"2021-11-23T03:54:05","modified_gmt":"2021-11-23T03:54:05","slug":"australian-senator-we-need-to-acknowledge-crypto-is-not-a-fad-defi-presents-huge-opportunities","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/australian-senator-we-need-to-acknowledge-crypto-is-not-a-fad-defi-presents-huge-opportunities\/","title":{"rendered":"Australian Senator: We Need to Acknowledge Crypto Is Not a Fad, Defi Presents Huge Opportunities"},"content":{"rendered":"

Australian Senator Jane Hume says we need to acknowledge that cryptocurrency is not a fad, adding that there are huge opportunities in decentralized finance (defi). \u201cWe should tread cautiously, but not fearfully,\u201d she said, emphasizing that \u201cAustralia mustn\u2019t be left behind by fear of the unknown.\u201d<\/strong><\/p>\n

Australian Senator Says Crypto Is Not Going Away, Sees \u2018Incredible\u2019 Opportunities in Defi<\/h2>\n

Australian Senator Jane Hume talked about cryptocurrency and decentralized finance (defi) Monday during her speech at the Australian Financial Review Super & Wealth Summit in Sydney.<\/p>\n

Hume is Australia\u2019s minister for superannuation, financial services, and the digital economy. She is also the country\u2019s minister for women\u2019s economic security.<\/p>\n

Referencing a recent Australian Senate Committee report that claims 17% of Australians are investing in cryptocurrency, Hume stressed: \u201cThis is an asset class that has captured hearts and minds, but beyond that \u2014 whatever you might personally think \u2014 it\u2019s a technology that\u2019s not going away any time soon.\u201d<\/p>\n

The senator emphasized:<\/p>\n

So as an industry, and as a government, we need to acknowledge this is not a fad. We should tread cautiously, but not fearfully.<\/p>\n

This was not the first time Hume said cryptocurrency is not a fad. In May, she similarly stated: \u201cI would like to make something clear: cryptocurrency is not a fad. It is an asset class that will grow in importance.\u201d<\/p>\n

During her speech Monday, Hume also talked about the country\u2019s biggest bank, Commonwealth Bank of Australia (Commbank or CBA), getting into crypto. The bank announced<\/a> early this month that it has partnered with cryptocurrency exchange Gemini \u201cto allow its customers to hold and use bitcoin and other cryptocurrencies via its 6.5 million\u2011user banking app,\u201d the senator described. \u201cThis will make CBA the first Australian bank \u2014 and one of just a handful of banks worldwide \u2014 to offer customers this sort of access.\u201d<\/p>\n

In addition, Commonwealth Bank CEO Matt Comyn said last week that while \u201cWe see risks in participating\u201d in crypto, \u201cwe see bigger risks in not participating<\/a>.\u201d<\/p>\n

Hume also discuss decentralized finance (defi). \u201cDecentralized finance underpinned by blockchain technology will present incredible opportunities,\u201d she said, stressing that \u201cAustralia mustn\u2019t be left behind by fear of the unknown.\u201d The senator opined:<\/p>\n

Decentralized Finance or defi is an emerging and rapidly evolving area of financial technology that presents huge opportunities.<\/p>\n

What do you think about the comments by Senator Jane Hume? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, australian senator, bitcoin fad, blockchain technology, crypto a fad, crypto fad, Crypto regulation, decentralized finance, DeFi, jane hume, technology<\/p>\n","protected":false},"excerpt":{"rendered":"

Australian Senator Jane Hume says we need to acknowledge that cryptocurrency is not a fad, adding that there are huge opportunities in decentralized finance (defi). \u201cWe should tread cautiously, but not fearfully,\u201d she said, emphasizing that \u201cAustralia mustn\u2019t be left behind by fear of the unknown.\u201d Australian Senator Says Crypto Is Not Going Away, Sees…<\/p>\n","protected":false},"author":0,"featured_media":14612,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14611"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14611"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14611\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14612"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}