Decentralized finance (DeFi) offers Australia an excellent opportunity to establish itself as a leader in innovation and economic progress, Australian Senator from Victoria Jane Hume said.
At the Australian Financial Review Super & Wealth summit, she noted the DeFi sector will not disappear anytime soon because it is “not a fad:”
“Backed by blockchain technology, decentralized finance will provide incredible opportunities. Australia must not be left behind for fear of the unknown.”
According to her, the country’s economic future will be determined by innovation and the development of new technologies.
The Senator from New South Wales Andrew Bragg expressed hope for the approval of a plan to regulate the crypto industry in 2022. It was expected to be published by the end of October 2021.
In early November, Australia’s Commonwealth Bank announced it would become the first bank in the country to offer its customers the ability to buy, sell and store cryptos through its own CommBank app.