Cryptocurrency and DeFi are bypassing the traditional global financial sector by offering new perspectives on regulations and investments.
In Australia, crypto might soon become a part of the country’s financial system. Financial Services Minister Jane Hume supports cryptocurrency and wants Australia not to be left behind the innovation.
“Decentralised Finance or DeFi is an emerging and rapidly evolving area of financial technology that presents huge opportunities,” Hume said at the Australian Financial Review Super & Wealth Summit.
CommonWealth Bank, the largest bank in Australia, already took the lead and made crypto services available to its customers. Over 6.5 million users have CommonWealth’s banking app, where they’re now allowed to trade Bitcoin and other cryptocurrencies.
Acknowledging the huge customer demand to trade crypto, together with the risks of volatility and speculation that surrounds the crypto industry, the Commonwealth Bank’s CEO, Matt Comyn, stated,
“We see risks in participating, but we see bigger risks in not participating.” According to the recent Senate Committee inquiry, 17% of Australians invest in crypto. “It’s a technology that’s not going away any time soon,” Hume said in reaction to the statistic.
On The Flipside
- Australia’s parliamentary committee introduced rules to regulate digital assets.
- The Australian Securities and Investments Commission (ASIC) alerts people to be careful when investing in the unregulated market, which is still incomprehensible to many.
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