bt-crow.com
22 November 2021 05:14, UTC
Reading time: ~ 2 m
Australian Senator Jane Hume believes the decentralized finance industry presents a tremendous opportunity for the country to strengthen its position as an “innovation leader”.
Senator Jane Hume said this during the Financial Review Super & Wealth Summit in Sydney. She urged summit attendees, government officials and the Australian financial system to recognize the DeFi industry. DeFi is not just a “trendy trend”, she says, but a long-term industry and should be treated “with caution but without fear.”
“If the last 20 or 30 years have taught us anything, it is that all innovation starts by destroying the old. Decentralized finance offers tremendous opportunities and should not be shunned by Australia for fear of the unknown, ”the senator said.
Hume said Australia’s future will be shaped by the adoption of new technologies and the introduction of innovation, especially against the backdrop of the financial crisis following the COVID-19 pandemic. She encouraged everyone to embrace these innovations and praised the management of Commonwealth Bank, which decided to add support for cryptocurrency trading to the bank’s mobile application:
“This makes CBA the first Australian bank and one of the few banks in the world to offer customers this opportunity.”
Recently, Tony Richards, head of payments policy at the Reserve Bank of Australia, also stated that cryptocurrencies are not dangerous for the Australian dollar. However, he said the reason for this was the lack of interest in them from the local population.
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