Senator Jane Hume has stated that decentralized finance (DeFi) "presents huge opportunities" for Australia to cement its place every bit a "forepart-runner for innovation and economic progress."

Senator Hume spoke at the Australian Financial Review Super & Wealth Summit in Sydney on Monday, Nov. 22. She is the Australian government minister for Women's Economic Security, representing the state of Victoria equally a fellow member of the Liberal Political party.  The conference was primarily virtually super and government retirement funds — both notoriously ho-hum and steady investments. The comments on DeFi are more notable in this regard.

Senator Hume chosen for manufacture and government to acknowledge that DeFi is "not a fad," and to "tread cautiously, but not fearfully" because the technology is "not going away any fourth dimension soon."

"If the final twenty or xxx years have taught the states anything, information technology'south that all innovation begins as disruption and ends equally a household name," she said. She besides referenced the fast-paced nature of the industry:

"Decentralized finance underpinned past blockchain technology will present incredible opportunities — Australia mustn't be left backside past fear of the unknown."

Speaking on policy, she noted that Australia'southward economical time to come will be divers by "innovation" and "uptake of technology" as the country continues to recover from the fiscal price of the COVID-xix pandemic.

She also commended manufacture players for "embracing innovation and developments in this space," specially around blockchain engineering science, making specific reference to Commonwealth Bank.

On November. 3, the banking concern announced information technology will allow the six.v million users of its banking app to trade 10 crypto assets including Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).

"This will make CBA the kickoff Australian banking concern — and ane of simply a handful of banks worldwide — to offer customers this sort of access," she said.

Related: Average Aussie crypto portfolio grew 258% in FY 20–21, survey reveals

Co-ordinate to Finder's Crypto Survey of 27,400 respondents, 17% of Australians invest in cryptocurrency. However, the country'south uptake of crypto has seen increasing pressure from lawmakers and regulatory bodies.

Last calendar month, the senate committee of pro-crypto NSW senator Andrew Bragg published its "crypto written report," which made 12 recommendations intended to tackle cardinal issues pertinent to the cryptocurrency sector.

Bragg said that the recommendations will enable Australia to compete with leading jurisdictions for the blockchain and crypto industries, including Singapore, the U.s. and the United Kingdom.