Senator Hume spoke at the Australian Financial Review Super & Wealth Summit in Sydney on Monday, Nov. 22. She is the Minister for Women’s Economic Security of Australia, representing the Liberal Party and the state of Victoria.  The conference was primarily about super and government retirement funds — both notoriously slow and steady investments. The comments on DeFi are more notable in this regard.

Senator Hume called for industry and government to acknowledge that DeFi is “not a fad,” and to “tread cautiously, but not fearfully” because the technology is “not going away any time soon.”

“If the last 20 or 30 years have taught us anything, it’s that all innovation begins as disruption and ends as a household name,” she said. She also referenced the fast-paced nature of the industry:

“Decentralized finance underpinned by blockchain technology will present incredible opportunities ‑ Australia mustn’t be left behind by fear of the unknown.”

In terms of policy, she stated that “innovation” and “technology adoption” will define Australia’s economic future as the country recovers from the financial impact of the COVID-19 pandemic.

She also praised industry players for “embracing innovation and improvements in this domain,” particularly in the area of blockchain technology, praising Commonwealth Bank in particular.

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The bank stated on November 3 that its 6.5 million banking app customers will be able to trade 10 crypto assets, including Bitcoin, Ether, Bitcoin Cash, and Litecoin.

“This will make CBA the first Australian bank — and one of just a handful of banks worldwide — to offer customers this sort of access,” she said.

17 percent of Australians invest in cryptocurrencies, according to Finder’s Crypto Survey, which received responses from 27,400 people. However, lawmakers and regulatory authorities are putting more pressure on the government to adopt cryptocurrency.

Last month, pro-crypto NSW senator Andrew Bragg’s parliamentary committee released its “crypto report,” which included 12 suggestions aimed at addressing fundamental concerns in the cryptocurrency market.

According to Bragg, the suggestions will allow Australia to compete with major blockchain and crypto jurisdictions such as Singapore, the United States, and the United Kingdom in the blockchain and crypto businesses.