Australian Senator and also Minister Jane Hume thinks that cryptocurrencies would eventually turn into a mainstream technology. She compares them to the internet in its early days.
Every favorable position on cryptocurrencies, especially from authorities related to the economy and finance, means good news. Minister for Financial Services, Pensions and Digital Economy and Senator in Australia Jane Hume publicly endorsed digital assets highlighting that they are not just a temporary trend.
Hume responded to Tony Richards (Head of Payments at the Reserve Bank of Australia), who recently described cryptocurrencies as whimsical. Additionally, Richards warned investors that the asset class is a potential risk that could inevitably crumble down, and therefore people could lose a substantial amount of money.
Meanwhile, Hume, during an interview with the Australian Financial Review, disagreed with the statement. She believes that the cryptocurrency industry is a sensitive area, and the local government must approach with caution but without being afraid of it. In this regard, She stressed that the governing entity of Australia should also refrain from seeing Bitcoin and altcoins as a trend.
The official added that cryptocurrencies appeared over the years and have captured the hearts and minds of many Australians. A recent survey highlighted that roughly one in five Australians is a crypto holder. At the same time, Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE) are the most popular digital assets.
Hume and Her Position about DeFi
Hume also expressed her thoughts on the Blockchain-based form of financing that does not depend on central monetary intermediaries: decentralized finance (DeFi). She predicted that it would present many good opportunities in the future and, as such, Australia should not be left behind.
Likewise, the official dared to compare the cryptocurrency industry with technological developments of the recent past, such as the iPhone or Excel, which were irrelevant at some point. According to Hume, digital assets also resemble the internet in early stages and may one day become a mainstream technology used by everyone.
Many experts see the volatile nature of the asset class as their main problem. Hume opined that the price fluctuations happen because the industry is still in its early stages.
It is not the first time that Hume sides in favor of cryptocurrencies. In May, she repeated these words highlighting that crypto was not a trend and that the government would not present any obstacle to block its development.
Australia will not get in the Way of Bitcoin
The official emphasized that the Australian government will not stand in the way of cryptocurrency traders. She said there is no problem with consumers investing in cryptocurrencies.
Hume’s comments on cryptocurrencies were part of his speech in which she described the approach of the Scott Morrison government to tackle a new wave of digital financial platforms and products. She stressed that she would reject requests for stricter market restrictions.
By: Jenson Nuñez
