Last updated on January 20th, 2022 at 04:33 pm
An Australian Senator, Jane Hume, has affirmed that decentralized finance (DeFi) is here to stay and it “presents enormous opportunities” for those residing within the country. She added that it will act as “a forerunner in innovation and economic progress” in the region.
On the 22nd of November 2021, the Australian Financial Review Super and Wealth Summit was hosted in Sydney, and Senator Hume spoke at length at the conference. She represents the State of Victoria and the Liberal Party and acts as the Minister for Women’s Economic Security in Australia. The conference was initiated with the aim of analyzing government retirement funds, and some quarters felt decentralized finance could help in that aspect. One of them is Senator Hume.
She stated that it was high time that the government and industries stopped viewing decentralized finance as a fad, rather they should apply caution when embracing it because it “is not going away anytime soon.”
“If the last 20 or 30 years have taught us anything, it’s that all innovation starts as a disruption and ends as a household name,” she said.
Humes stated at the conference:
“Decentralized Finance Backed By Blockchain Technology Will Present Incredible Opportunities – Australia Should Not Be Left Behind By Fear Of The Unknown.”
The Senator believes that innovation and adoption of technology will be a major aspect of the economic future of the country, especially with the coming of the pandemic.
Commonwealth Bank had initiated a policy to allow its users to access some crypto assets via their app. Humes made sure to praise the bank for initiating that policy. She also advised others to adopt cryptocurrency in their activities.
