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Cryptocurrency News, Policy & Regulation

Crypto is not a “fad” claims Australia Finance Minister

22 Nov 2021 : 17:28
2 min read
  • The Finance Minister of Australia claims that crypto is not a "fad"
  • She further said that governments need to approached carefully but not with fear
  • The Minister declared a pro-crypto stance at an Australian Financial Review on Monday

Australia’s Finance Minister, Jane Hume, recently said that cryptocurrencies are not a “fad” and need not be feared. According to Hume, Decentralized Finance is a revolutionary technology, and authorities shouldn’t be afraid of them. The Finance Minister is known for her positive stance on crypto. 

Minister’s positive crypto stance

As per the report by The Guardian, the Finance Minister said at an Australian Financial Review on Monday that crypto is “not going away any time soon.” She further said that no matter the views that regulators or politicians have on these blockchain-based currencies, crypto is here to stay. Hume now joins the list of politicians that support cryptocurrencies.

Hume believes that “as an industry, and as a government, we need to acknowledge [crypto] is not a fad. We should tread cautiously but not fearfully.” She brought out several analogies to attention in her statement, claiming that technological innovations take time to settle in. 

“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 in 1995 who said the internet was just a place for geeks and criminals and would never become mainstream,” Hume pointed out.

Reserve Bank of Australia’s exec on cryptocurrencies

The head of payments policy at the Reserve Bank of Australia, Tony Richards, claims that he sees a future where crypto’s current sentiment will change. He believes that the speculative stance of governments on crypto will change this sentiment as investors will realize the “risks of investing in something with no issuer, no backing, and highly uncertain value.”

The statement from Hume came days after the report from the Reserve Bank of Australia’s executive. However, the pro-crypto stance of the Commonwealth Bank of Australia remains unscathed. The Bank has also announced that it will be providing cryptocurrency-related services to the customers and has made several investments in the DeFi industry.

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