Liberal Senator Jane Hume Urges Government Not to Be Fearful of Crypto

Liberal Senator Jane Hume Urges Government Not to Be Fearful of Crypto
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An Aussie Senator has become a cryptocurrency ally on Monday, telling a room full of economics-minded people that crypto is not a fad and that the country will miss out on major opportunities if it doesn’t embrace the nascent tech.

Minister for the Digital Economy Jane Hume said crypto has “captured [the] hearts and minds” of many.

“This is an asset class that has captured hearts and minds but beyond that, and whatever you might personally think, it’s a technology that is not going away any time soon,” she told the Australian Financial Review Super & Wealth Summit.

“Embracing innovation and encouraging personal responsibility through engagement and informed consent will drive our economy forward, cementing Australia as a frontrunner for innovation and economic progress,” she added.

Hume offered some advice to those tuning in, urging them to not be the person who declares blockchain and crypto is bad and therefore gets left behind when the tech takes off. She said as an industry, and as a government, there is a need to acknowledge crpto is not a fad. And that it’s important to tread cautiously, but not fearfully.

“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 who was still doing their financial models by hand in 2001, rather than using Excel.

“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.”

Pointing to the Commonwealth Bank earlier this month adding cryptocurrency to its CommBank app, Hume said that 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.

“De‑centralised finance underpinned by blockchain technology will present incredible opportunities – Australia mustn’t be left behind by fear of the unknown,” she concluded, noting also that cryptocurrency and blockchain is a rapidly evolving area of financial technology that presents huge opportunities.