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Home Bitcoin News
Jane Hume

Jane Hume

Australian Senator Says Crypto is not a Fad and DeFi is Here to Stay

Tom Nyarunda by Tom Nyarunda
November 23, 2021
in Bitcoin News
Reading Time: 3 mins read
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Senator Jane Hume acknowledged cryptocurrencies were not a fad and urged Australians to be careful lest they miss the enormous opportunities offered by decentralized finance (DeFi).

Australia’s minister for superannuation, financial services, and the digital economy Jane Hume has come out strongly to defend cryptocurrencies and DeFi. On Monday, November 22, the politician spoke during the Australian Financial Review Super & Wealth Summit in Sydney.

Cautiously embrace blockchain technology like DeFi

“Don’t be the person in 1995 who said the internet was just a place for geeks and criminals.”

Cryptocurrencies are “not a fad”, Minister for the Digital Economy @SenatorHume has warned policymakers.

Story via @Mazzaphrenia:https://t.co/XCAgnVcOxA#Bitcoin #BTC #Crypto

— Australian Associated Press (AAP) (@AAPNewswire) November 21, 2021

Hume’s speech referenced an assertion by an official from the Reserve Bank of Australia (RBA) calling crypto a fad. Emphasizing that it most certainly is not, Hume further urged policymakers to cautiously embrace blockchain technology like DeFi rather than act fearfully – because it is not going away anytime soon. She stated: 

“We should tread cautiously, but not fearfully […] Australia mustn’t be left behind by fear of the unknown.”

Despite his foray into cryptocurrency investments since 2014, RBA’s Head of Policy Tony Richards inferred in a speech last week that investing in crypto was “fad-driven.” Richards also said the “current speculative demand could begin to reverse,” leaving digital assets with minimal use cases. 

Senator Hume also referenced an Australian Senate Committee report claiming that 17% of Australians invest in cryptocurrency. Hume stressed: 

“This is an asset class that has captured hearts and minds, but beyond that — whatever you might personally think — it’s a technology that’s not going away any time soon […] so as an industry and as a government, we need to acknowledge this is not a fad.” 

Customers to hold and use Bitcoin

Senator Hume’s speech that elicited many reactions on Twitter also talked about the Commonwealth Bank of Australia (CommBank or CBA) to get into crypto. CommBank announced early this month that it has partnered with cryptocurrency exchange Gemini “to allow its customers to hold and use Bitcoin and other cryptocurrencies via its 6.5 million‑user banking app.” The senator added:

Thank you to the many people who have contacted me today with feedback on my speech this morning. There was a lot to cover, & I’m pleased to see it has generated the interest I’ve always believed these sectors deserve!

You can read the speech in full here https://t.co/ZleavDufoZ

— Jane Hume (@SenatorHume) November 22, 2021

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

Commenting last week, Commonwealth Bank CEO Matt Comyn said:

“We see risks in participating in crypto […] we see bigger risks in not participating.”

Speaking about Senator Hume’s speech, Steve Vallas, the CEO of Blockchain Australia, said the senator’s speech was “another critical step” in discussing the development of the local crypto industry. He said he believed the superannuation-focused forum for the senator’s speech is particularly significant. He said:

Is today the day that the Superannuation industry met the crypto industry thanks to @SenatorHume's speech? I'll make a note.

— Steve Vallas (@stevevallas) November 22, 2021

“Scaled mainstream adoption [of cryptocurrencies and blockchain] requires participation by the superannuation industry and fund and wealth managers, who disproportionately chart the path of the financial future of Australians.”

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Tom Nyarunda

Tom is a freelance writer with over 10-years’ experience in content creation, blog writing, and SEO specializing in the blockchain and cryptocurrency niche. As a philosophical figurehead, he believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.

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