Australian Finance Minister Urges Country To Move Towards Incorporating Cryptocurrency Into The Economy

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Australian Finance Minister Urges Country To Move Towards Incorporating Cryptocurrency Into The Economy

Jane Hume, the Australian Financial Services Minister, has stated that cryptocurrency should be embraced and that it is not a 'fad' in a speech at the Australian Financial Review.


In the speech, Hume said Australia should treat crypto cautiously but seriously and that those who reject it are similar to those who initially rejected smartphones. She said:


"So as an industry, and as a government, we need to acknowledge this is not a fad. We should tread cautiously, but not fearfully. Don't be the person who thought the iPhone would never take off because people would prefer to have their music and telephone on separate devices. Don't be the person in 1995 who said the internet was just a place for geeks and criminals and would never become mainstream. And don't be the person who argued that email was a passing fad."


Adding:


"Decentralised finance underpinned by blockchain technology will present incredible opportunities – Australia mustn't be left behind by fear of the unknown."


Hume's comments come just days after Tony Richards, the Reserve Bank of Australia's head of payments policy, made a statement to the Australian Corporate Treasury Association in which he said that cryptocurrencies were highly risky and that a significant crash could occur in the future leaving unknown economic consequences. He said:


"Households might be less influenced by fads and a fear of missing out and might start to pay more attention to the warnings of securities regulators and consumer protection agencies in many countries about the risks of investing in something with no issuer, no backing and highly uncertain value… While it is hard to point to any firmer evidence on cryptocurrency holdings by Australians, some of the estimates out there are extremely surprising and may be symptomatic of the significant amount of hype and misinformation in this area."


Richards also highlighted the risks associated with cryptocurrencies, such as tax-evasion, price-volatility, and the utilisation of these currencies by criminal organisations.


[Based on reporting by: The Guardian]


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Thinking Humanity: Australian Finance Minister Urges Country To Move Towards Incorporating Cryptocurrency Into The Economy
Australian Finance Minister Urges Country To Move Towards Incorporating Cryptocurrency Into The Economy
Jane Hume, the Australian Financial Services Minister, has stated that cryptocurrency should be embraced and that it is not a ‘fad’ in a speech at the
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