Australian Senator Says DeFi Is Here To Stay, And Australia Must Not Be Left Behind

Jane Hume, an Australian politician, spoke about Decentralized Finance (DeFi) on Monday at the Australian Financial Review Super & Wealth Summit in Sydney. In her speech, 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 – because it is not going away anytime soon. Related Reading | Crypto Is Set To Dominate Australian Financial Industry In Less Than 10 Years The Liberal Party Senator explained that DeFi would present incredible opportunities. And Australia must miss out on these opportunities for fear of the unknown. DeFi is Not Going Away The Senator’s speech comes just days after Tony Richards, the Reserve Bank of Australia’s outgoing head of payments policy, called crypto a fad. In a speech last week, he predicted a future with people being less influenced by these digital currencies with “no issuer, no backing, and highly uncertain value.” Instead, they would lean toward currencies that regulated bodies issue. Senator Hume, however, called DeFi is an emerging and rapidly evolving area of financial technology with many opportunities. She said that embracing the blockchain technology will drive the country’s economy forward. And also cement Australia as a frontrunner for innovation and economic progress. While making...