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DeFi is here to stay, Australian senator affirms By BTC Peers


© Reuters. Senator from Australia affirms that DeFi will be around for the foreseeable future.

Jane Hume, an Australian politician expressed confidence earlier this week in decentralized finance’s future. According to her, the sector “presents huge opportunities” for Australia to become a “front-runner for innovation and economic progress.”

The Liberal Party Senator voiced her optimism during the Australian Financial Review Super & Wealth Summit in Sydney on Monday, Nov. 22. Hume representing both the Liberal Party of Victoria as the Minister for Women’s Economic Security of Australia admitted DeFi is not a trendy trend. She called on the government and other industries to embrace decentralized finance because the technology is “not going away any time soon.” On the flip side, she warned that they should “tread cautiously, but not fearfully.”

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 […] Decentralized finance underpinned by blockchain technology will present incredible opportunities ‑ Australia mustn’t be left behind by fear of the unknown.

While commenting on policies, Senator Hume stated that the economic future of Australia would be defined by “innovation” and “uptake of technology” as the country struggles to overcome the effects of the global COVID-19 pandemic.

She goes further to commend participants in the blockchain industry for “embracing innovation and developments in this space,” with particular reference to Commonwealth Bank.

On November 3, the bank announced to its 6.5million users that they would let them trade 10 cryptocurrency including and.

“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.

Australia is gradually becoming a hub for crypto activity. According to Finder’s Crypto Survey of 27,400 respondents, over 15% of Australians have invested in digital assets.

Some politicians have begun to publicly express their affection for cryptocurrency. In September, the leader of the “People’s Party” of Canada, Maxime Bernier, pledged his support for Bitcoin ahead of the polls. He declared:

Many are wondering if they support Bitcoin or cryptos. You bet I do. How central banks destroy our economy and money is something I loathe.

The mayors of New York City and Miami want Bitcoin as their pay.

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