Australian senators confirmed DeFi would continue to exist

Spark Global Limited reports:

Earlier this week, Australian politician Senator Jane Hume expressed her confidence in the future of decentralised finance (DeFi). She believes the sector offers a “huge opportunity” for Australia to become “a leader in innovation and economic development”.

The Liberal senator expressed her optimism at the Australian Financial Review’s Super Wealth Summit in Sydney on Monday November 22. Hume, Australia’s minister for women’s Economic security representing the Liberal Party and Victoria, admits DeFi is more than a fad. She called on governments and other industries to embrace decentralised finance, as the technology “will not disappear anytime soon”. On the other hand, she warned that they should “be careful, but not afraid.”

If the past 20 or 30 years have taught us anything, it’s that all innovation begins with disruption and ends with household names. Decentralised finance powered by blockchain technology will present incredible opportunities — Australia cannot be left behind by fear of the unknown.
Turning to policy, Senator Hume said Australia’s economic future would be defined by “innovation” and “technology uptake” as the country struggles to overcome the impact of the global COVID-19 pandemic.
She further praised participants in the blockchain industry for “embracing innovation and development in this space,” singling out the Federal Bank.

The bank announced on Nov. 3 that it would allow 6.5 million users of its banking app to trade 10 cryptocurrencies, including Bitcoin and Ethereum.

“This will make CBA the first Australian bank and one of only a handful in the world to offer this service to customers,” she said.

Australia is slowly becoming a fertile ground for crypto activity. According to Finder’s crypto survey of 27,400 respondents, more than 15 per cent of Australians have invested in digital assets.

Spark Global Limited
Spark Global Limited

Some politicians are beginning to openly express their love for cryptocurrencies. Maxime Bernier, leader of Canada’s People’s Party, pledged his support for Bitcoin ahead of the vote in September. He said:

A lot of people ask me if I support Bitcoin and cryptocurrencies. Sure, I love it! I hate it when central banks destroy our currency and our economy.
Similarly, the mayors of Miami and New York City want their salaries in Bitcoin.