Australian Senator Says ‘Crypto is Here to Stay’

November 24, 2021, 9:30 AM AEST - 4 days ago

Many in the Aussie crypto world may not have heard much about Liberal Senator Jane Hume, the Minister for Superannuation, Financial Services and the Digital Economy. That is until she voiced her views on crypto at the Australian Financial Review Super & Wealth Summit held in Sydney this past Monday.

Australia, Crypto is ‘Here to Stay’

Hume, who also serves as Minister for Women’s Economic Security, spoke of embracing innovation and “encouraging personal responsibility and informed consent”. This she saw as important as driving Australia forward from an innovation and economic perspective.

Referring to the Senate Committee’s report, she noted that 17 percent of Australians are investing in cryptocurrency.

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.

Senator Jane Hume

One of the key areas she identified as having “huge opportunities” was decentralised finance (DeFi). After commending industry for embracing blockchain specifically, she stressed the role of government in encouraging innovation. Hume also added “as an industry, and as a government, we need to acknowledge this is not a fad. We should tread cautiously, but not fearfully”.

The Senator’s Personal View

Speaking to her personal views, Hume cautioned against being left behind the curve.

Don’t be the person who thought the iPhone would never take off because people would prefer to have their music and telephone on separate devices. Don’t be the person who was still doing their financial models by hand in 2001, rather than using Excel. Don’t be the person in 1995 who said the internet was just a place for geeks and criminals and would never become mainstream. And don’t be the person who argued that email was a passing fad.

Senator Jane Hume

Hume commented that if the past two to three decades had proved anything, it was that “innovation begins as disruption and ends as a household name”.

Overall, the response from the crypto community has been very positive:

Blockchain Australia CEO Steve Vallas shared the industry’s sentiments when he commented that the speech sent a “very strong signal” to both the market and policymakers, that treasury was taking the industry seriously.

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