Australian Senator Jane Hume extolled the potential of decentralized finance (DeFi) in her recent address to the Australian Financial Review.
The Liberal Senator’s speech celebrated the 70th anniversary of the financial journal, and highlighted the progress made by the country’s financial industry since then. Amongst other policies the government has implemented to contribute to Australia’s recent development, Hume also emphasized one she believes should be a priority.
While a majority of the speech touched upon lessons learned from past experiences, Hume said “we have to forge our own trail” for the economy to match pace with global counterparts. “Decentralised Finance or DeFi is an emerging and rapidly evolving area of financial technology that presents huge opportunities,” Hume said.
Crypto in Australia
Hume also underlined how popular cryptocurrencies were becoming in Australia, citing a recent Senate Committee report saying that 17% of Australians owned cryptocurrency. She also mentioned how the trend was finally catching on among mainstream banks, with Commonwealth Bank recently enabling its customers to buy crypto on its app.
To conclude, Hume said she believes Australia “should tread cautiously, not fearfully.” She then placed crypto among other innovations, once thought novel and doubted, that have become mainstream, such as the Internet, email and the iPhone.
“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,” Hume said. “De‑centralised finance underpinned by blockchain technology will present incredible opportunities ‑ Australia mustn’t be left behind by fear of the unknown.”
Recently, Australian lawmakers led by fellow Liberal senator Andrew Bragg introduced a major new package of cryptocurrency reforms. These wide-ranging changes would allow more cryptocurrency-focused businesses in the country. Along with more business, it also encouraged more direct pathways for these companies to access banking services.
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