‘Not a Fad’: Australian Senator Backs Bitcoin and Crypto Against ‘Fearful’ Authorities


Australia’s Minister of Digital Economy Jane Hume validates the crypto space by saying it is not a “fad”, and suggests the government to be open to upcoming technological innovations. Senator Hume made the statement while addressing the Australian Financial Review’s Super and Wealth Summit in Sydney. The minister further asked the Australian government to make a mark in the crypto world, leaving the land behind before other nations adopt the culture. Hume said the approach to the crypto space should be caution, not fear.

“I commend the industry for embracing innovation and development in this area, especially around blockchain. As an industry, and as a government, we have to admit that this is not a fad. We need to be careful. Must walk, but not be afraid, ”news portal InnovationOs Cited Hume is saying. ,decentralized finance underlined by blockchain Technology will present incredible opportunities – Australia should not be held back by fear of the unknown.”

Hume’s support for crypto is a direct attack on a Reserve Bank of Australia (RBA) official who last week warned people against the crypto space, actually calling it a “fad”.

according to a report good By SkyNews, Tony Richards, Head of Payments at RBA, believes that young investors should not venture into the crypto space amid the risk of falling prices.

“Some surveys have claimed that around 20 per cent of the Australian population cryptocurrency, and one claimed that dogecoin Five percent of Australians alone had it. I must say that I find these figures somewhat unimaginable,” a report good Financial Review quoted Richards as saying.

The cryptocurrency adoption scene seems to be caught in the midst of turmoil in Australia, where officials and opposition are locking horns about the legitimacy of the crypto space.

Earlier in October, a finance committee presented a report to the Australian Parliament, focusing on the new licensing regime, tackling environmental problems related to crypto mining and the growing issue of debanking.

Recently, the CEO of Australia’s largest bank, Commonwealth Bank, also predicted huge risks of not entering the digital asset industry on time and signed partnerships with major crypto players.

according to research firm statista, Bitcoin Australia has a leading crypto-token and diversifying investment portfolio is the main reason people are investing in cryptocurrencies there.

Governments of many countries around the world including India are skeptical about the crypto space. Some of the main reasons for concerns include the “irregular and independent” nature of cryptocurrencies that take away the powers of central banks, the high energy consumption of crypto-mining, as well as the misuse of these non-traceable digital assets for anti-social purposes such as terror financing.

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