‘Not a Fad’: Australian Senator Opposes ‘Fearful’ Authorities to Bitcoin and Crypto

Jane Hume, Australia’s minister for digital economics, confirmed the crypto space, stating that it is not a “trend.” She urged government officials to be receptive to new technological breakthroughs. 

Senator Hume made the statements at the Australian Financial Review’s Super and Wealth Summit in Sydney. The minister has encouraged Australian officials to pave the way into the crypto sector before other countries follow suit. In the cryptosphere, Hume counselled caution, not dread.

“I congratulate industry on its embrace of new technology and developments in this space, particularly blockchain. Our industry and government must recognise that this is not another passing fad. According to Australian news outlet InnovationAus, Hume stated, “We should tread cautiously, but not fearfully. “Australia cannot afford to fall behind due to a fear of the unknown when it comes to decentralised financing enabled by blockchain technology.”

Reserve Bank of Australia (RBA) official cautioned the public against the crypto space, even labelling it a “fad.” 

Now, Hume has spoken out in favour of cryptocurrencyAccording to SkyNews, RBA head of payments Tony Richards believes that young investors should avoid the cryptocurrency industry due to the risk of price crashes.

According to some estimates, nearly 20% of the Australian population holds cryptocurrencies, with Dogecoin alone holding 5% of the market. “ It’s hard to believe these numbers,” Richards was quoted as saying in a Financial Review piece.

An uproar has erupted in Australia’s crypto adoption scene, as authorities and opponents battle over crypto’s legality.

Earlier this month, the Australian government held a hearing on new licensing regimes, environmental concerns linked with cryptocurrency mining, and the growing problem of debanking.

When it comes to digital assets, the CEO of Australia’s largest bank, Commonwealth Bank, has warned of increased risks if investors do not get in early enough.

According to Statista, a market research firm, investors in Australia’s cryptocurrency market are mostly driven by a desire to diversify their financial portfolio.

Numerous governments worldwide, including India, are wary of the cryptocurrency business. According to a recent assessment, the “unregulated and independent” character of cryptocurrency, the high energy consumption of crypto-mining, and the exploitation of these untraceable digital assets for anti-social purposes such as terror financing are among the primary causes of concern.

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