Australia: Senator Hume Says “DeFi is not a fad”, Asks Government to Acknowledge the Emerging Landscape

Australian Senator Jane Hume is the latest to praise the merits of decentralized finance (DeFi).

Senator Hume Sees Huge Potential in DeFi

Speaking at the Australian Financial Review Super and Wealth Summit in Sydney on November 22, Senator Hume said that DeFi “presents huge opportunities” for Australia to cement itself as a “front-runner for innovation and economic progress.”

Notably, Senator Hume is the Minister for Women’s Economic Security of Australia and represents the Liberal Party and the state of Victoria.

The said conference was primarily about super and government retirement funds – a class of assets that is known for its steady and slow returns.

Senator Hume urged for the Australian industries and and government to acknowledge that “DeFi is not a fad,” and to “tread cautiously, but not fearfully” because the technology is “not going away any time soon.”

She said:

“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.”

Adding:

“Decentralized finance underpinned by blockchain technology will present incredible opportunities – Australia mustn’t be left behind by fear of the unknown.”

Hume added that the Australian industry players should embrace innovation and developments in the emerging technology space, especially those revolving around blockchain technology. In a way, the Senator’s remarks were aimed toward Australia’s largest bank, the Commonwealth Bank of Australia.

For the uninitiated, earlier this month, the Commonwealth Bank announced its plans to offer crypto services to all its users, including the option to buy, sell, and hold some of the leading digital currencies today such as bitcoin (BTC), ether (ETH), and others.

Hume added:

“This will make CBA the first Australian bank — and one of just a handful of banks worldwide — to offer customers this sort of access.”

Australia Embracing the Crypto Economy

Earlier this year, a survey found that bitcoin is steadily overtaking gold in terms of popularity as a reliable store of value in Australia.

Similarly, another survey conducted by crypto exchange Kraken found that as much as 40 percent of Australians prefer crypto assets over real estate when it comes to investments.