Australian Senator Says DeFi Is Here To Stay, And Australia Must Not Be Left Behind

Jane Hume, an Australian politician, spoke about Decentralized Finance (DeFi) on Monday at the Australian Financial Review Super & Wealth Summit in Sydney.

Her speech referred to crypto being a fad by the Reserve Bank of Australia. She stressed that crypto isn’t a fad. She further urged policymakers to cautiously embrace blockchain technology like DeFi rather than act fearfully – because it is not going away anytime soon.

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DeFi, according to Senator of the Liberal Party, would offer incredible opportunities. These opportunities are not available to Australia, and Australia should be afraid of the unknown.

DeFi Is Not Moving Away

The Senator’s speech comes just days after Tony Richards, the Reserve Bank of Australia’s outgoing head of payments policy, called crypto a fad. In a speech last week, he predicted a future with people being less influenced by these digital currencies with “no issuer, no backing, and highly uncertain value.” Instead, they would lean toward currencies that regulated bodies issue.

Senator Hume however called DeFi an area of emerging financial technology that is rapidly changing and offers many possibilities. She said that embracing the blockchain technology will drive the country’s economy forward. It will also help Australia to be a leader in innovation and economic advancement.

She made her points about crypto being here to stay and referred to a report on financial tech. According to this report, 17% Australians have invested in cryptocurrency. Richards however found this figure unlikely and stated that the online survey was not correct. Hume also mentioned the Commonwealth Bank’s move to allow its customers to hold cryptocurrencies. The bank is now the first to allow customers to hold cryptocurrencies, making it one of the few banks worldwide.

Total DeFi market cap on

The market capitalization of DeFi is $164.8B. Source: Crypto Total DeFi Market Capital| Source: Crypto Total DeFi Market Cap on

Finally, she shared her view on the subject. Her view is that historically innovation starts as disruption before it’s accepted.

“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,” she said.
”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.”

Cryptocurrency in Australia: A Guide for Regulators

Andrew Bragg and other Australian senators have been advocating for crypto regulations. He stated that it would provide legitimacy and credibility for the blockchain industry.

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Matt Comyn is the CEO of Commonwealth Bank of Australia. He spoke about the dangers of crypto-taking. His explanation last week was that cryptocurrency is highly volatile, and also speculative. Banks need to get involved.

Comyn also said that crypto is here to stay, given customers’ demand to trade crypto. The bank has announced that it will be partnering with Gemini, a crypto exchange, to provide crypto services for its customers.

Featured Image by Australian Broadcasting Corporation. Chart on

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