Cryptocurrency ‘not a fad’, minister warns | Bega District News

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Cryptocurrencies are “not a fad”, Minister for the Digital Economy Jane Hume will warn policymakers. In a speech on Monday at the AFR Super and Wealth Summit, Hume will say cryptocurrency is “an asset class that has captured hearts and minds”. “But beyond that – whatever you might personally think – it’s a technology that’s not going away any time soon.” “Don’t be the person in 1995 who said the internet was just a place for geeks and criminals and would never become mainstream.” Reserve Bank head of payments policy Tony Richards last week said many regulators globally remain “sceptical” of developments in the cryptocurrency market. Dr Richards questioned how widely cryptocurrencies were held in Australia, despite a recent Senate inquiry finding 17 per cent of Australians are investing in cryptocurrency. But Hume plans to tell the summit that Australia must acknowledge “this is not a fad”. Australia must “forge our own trail” on decentralised finance built on blockchain, she will say. “Decentralised finance underpinned by blockchain technology will present incredible opportunities – Australia mustn’t be left behind by fear of the unknown.” “If the last 20 or 30 years have taught us anything, it’s that all innovation begins as disruption and ends as a household name.” Decentralised finance, or DeFi, doesn’t use traditional banks, brokerages or exchanges. Instead, blockchain-based systems are used to complete financial transactions. The federal government is yet to roll out regulations for these developments. Australian Associated Press

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