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Australia Likely to Make Cryptocurrency Key Financial Element of the Country

Australia is willing to make cryptocurrencies an integral part of the country’s financial system.

Recently, the Minister for the Digital Economy, Jane Hume, gave positive remarks about digital assets while addressing at the AFR Super and Wealth Summit. Further, Jane said that cryptocurrencies are not just a fad, and they are not going away any time soon. Moreover, she compared the present crypto market conditions with the early internet era of the 1990s. She also commented on the audience’s remarks that don’t be the person of 1995. The person who said that the internet was just a place for criminals and geeks.

Besides, the comment from the Australian Lawmakers came after the Jane statement. The Reserve Bank head of payments policy, Tony Richards, stated that global regulators are still ‘doubtful’ on the use of digital assets.

Also, according to a recent inquiry, nearly 17% of the Australian population has spent their crypto investment. However, Richard was curious about how extensively the crypto was kept.  

Australia’s Minister Favors Crypto Growth Through DeFi

Decentralized Finance (DeFi) is growing immensely while eliminating the need for traditional brokerages, banks, and exchanges. Further, it completely relies on blockchain technology to finish the financial transactions in a localized manner.

Moreover, Hume praised the largest Commonwealth Bank of Australia for allowing its customers to use Cryptocurrencies and Bitcoin through its 6.5-million-user banking app.


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