In Brief:
- Australian Senator Jane Hume spoke about DeFi at the conference on Australian Financial Review.
- Senator urges government and industry players to embrace DeFi with caution, but without fear.
- According to her, exposure to DeFi can boost economic developments.
The Minister for Women’s Economic Security of Australia, Senator Jane Hume spoke into Australian Financial Review Super & Wealth Summit that she is looking at decentralized finance (DeFi) as a great opportunity for the country as it can be proven for the Australian economy as a “front-runner for innovation and economic progress.”
The summit was held in Sydney for the Australian Financial Review on its 70‑year anniversary, in which a key focused topic was super and government retirement funds. But, while attending a conference, Jane commented on Defi in the context of these notoriously slow and steady investments.
Senator Hume stated that the government and industry should change their view on DeFi as it is “not a fad,” and to “tread cautiously, but not fearfully” 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 begins as disruption and ends as a household name,” she said. “Decentralized finance underpinned by blockchain technology will present incredible opportunities ‑ Australia mustn’t be left behind by fear of the unknown.”
On the Future policies of the Australian economy, She had asked the government and country to emphasize “innovation” and “uptake of technology” as the country’s economic recovery is on the way after facing the Covid-19 pandemic.
She has also presented an example of Commonwealth Bank to industries for “embracing innovation and developments” in blockchain space. Recently, The Bank revealed a crypto trading facility for its 6.5 million customers on Bank’s App. which includes leading crypto assets such as Bitcoin, Bitcoin Cash, Ether, and LiteCoin.
“This will make CBA the first Australian bank — and one of just a handful of banks worldwide — to offer customers this sort of access,” she said.
The statement from Senator Hume is completely in contrast with the government’s past actions. Australian government agencies are continuously taking brutal actions to regulate crypto in-country. To comply with local regulations, the world’s largest crypto exchange platform, Binance had stopped its crypto derivatives offering services in Australia.
