Senator sees DeFi as a major opportunity for Australia

Decentralised finance (DeFi) affords Australia an excellent opportunity to cement its leadership in innovation and economic progress. said Jane Hume, the Australian senator for Victoria.

At the Australian Financial Review Super & Wealth Summit, she noted that the DeFi sector will not disappear anytime soon, because it is “not a fad”.

“Blockchain-powered decentralised finance will provide incredible opportunities. Australia should not be left behind because of fear of the unknown,” added Hume.

She said that the country’s economic future will be defined by innovation and the adoption of new technologies.

Earlier, New South Wales Senator Andrew Bragg expressed hope for the approval of a plan regulating the cryptocurrency industry in 2022. It was expected to be published by the end of October 2021.

In early November, the Australian Commonwealth Bank announced that it would become the first bank in the country to offer customers the ability to buy, sell and store cryptocurrency through its own CommBank app.

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