Senator Jane Hume has stated that decentralized finance (DeFi) \u201cpresents huge opportunities\u201d for Australia to cement its place as a \u201cfront-runner for innovation and economic progress.\u201d<\/p>\n
Senator Hume spoke at the Australian Financial Review Super & Wealth Summit in Sydney on Monday, Nov. 22. She is the Australian minister for Women’s Economic Security, representing the state of Victoria as a member of the Liberal Party.\u00a0 The conference was primarily about super and government retirement funds \u2014 both notoriously slow and steady investments. The comments on DeFi are more notable in this regard. <\/p>\n
Senator Hume called for industry and government to acknowledge that DeFi is \u201cnot a fad,\u201d and to \u201ctread cautiously, but not fearfully\u201d because the technology is \u201cnot going away any time soon.\u201d<\/p>\n
\u201cIf the last 20 or 30 years have taught us anything, it\u2019s that all innovation begins as disruption and ends as a household name,\u201d she said. She also referenced the fast-paced nature of the industry:<\/p>\n
\u201cDecentralized finance underpinned by blockchain technology will present incredible opportunities \u2014 Australia mustn\u2019t be left behind by fear of the unknown.\u201d<\/strong><\/p><\/blockquote>\n
Speaking on policy, she noted that Australia\u2019s economic future will be defined by \u201cinnovation\u201d and \u201cuptake of technology\u201d as the country continues to recover from the financial toll of the COVID-19 pandemic. <\/p>\n
She also commended industry players for \u201cembracing innovation and developments in this space,\u201d particularly around blockchain technology, making specific reference to Commonwealth Bank. <\/p>\n
On Nov. 3, the bank announced it will allow the 6.5 million users of its banking app to trade 10 crypto assets including Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).<\/p>\n
\u201cThis will make CBA the first Australian bank \u2014 and one of just a handful of banks worldwide \u2014 to offer customers this sort of access,\u201d she said.<\/p>\n