Senator Jane Hume said that decentralized finance (DeFi) “provides a huge opportunity for Australia” to strengthen its position as a “leading player in innovation and economic progress”.

Senator Hume spoke At the Australian Financial Review Super and Wealth Summit in Sydney on Monday, November 22. She is the Minister of Economic Security for Women in Australia, representing the Liberal Party and the State of Victoria. The meeting was mainly about pensions and government pension funds-as we all know, both of these investments are slow and stable. In this regard, the comments on DeFi are more compelling.

Senator Hume called on the industry and the government to recognize that DeFi is “not a fashion” and “act with caution, but don’t be afraid” because the technology “will not disappear anytime soon.”

“If the past 20 or 30 years have taught us anything, it is that all innovations started as disruptive and ended in a household name,” she said. She also mentioned the fast-paced nature of the industry:

“Decentralized finance based on blockchain technology will bring incredible opportunities-Australia cannot be left behind because of the fear of the unknown.”

When talking about policy, she pointed out that as the country continues to recover from the economic losses of the COVID-19 pandemic, Australia’s economic future will be defined by “innovation” and “technology adoption”.

She also praised industry participants for “embrace innovation and development in this field”, especially in the area of ??blockchain technology, and specifically mentioned the Commonwealth Bank.

On November 3, the bank announced that it would allow 6.5 million users of its banking app Trade 10 crypto assets Including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

“This will make CBA the first Australian bank to provide customers with this kind of access-and one of the few banks in the world,” she said.

related: The survey shows that the Australian cryptocurrency portfolio has grown by an average of 258% in the 20-21 fiscal year

According to a Finder encrypted survey of 27,400 respondents, 17% of Australians invest in cryptocurrenciesHowever, the country’s adoption of cryptocurrency has been under increasing pressure from legislators and regulators.

Last month, the Senate committee supporting encryption Senator Andrew Bragg of New South Wales released his “Encryption Report”, Which makes 12 suggestions designed to solve key issues Related to the field of cryptocurrency.

Bragg stated that these recommendations will enable Australia to compete with major jurisdictions in the blockchain and crypto industry, including Singapore, the United States and the United Kingdom.