Australian Financial Services Minister Speaks in Favor of CryptoDecember 4, 2021
Cryptocurrencies are a skeptical topic, and it is not very well taken in many parts of the world, China to be exact. Many other countries have welcomed decentralization with open arms, but among the most tenacious supporters of crypto, there are Europe, the United States, Canada, and El Salvador, which appointed Bitcoin as a legal tender, and Australia in some capacity. There has been a lot of debate lately that Australia should welcome and make necessary regulations to work with them.
There have been talks of accepting crypto as a legal tender in the Australian Senate, but all these suggestions were not taken in an official capacity just yet. Jane Hume is warning the country that it might miss out on this amazing opportunity that is currently available in terms of crypto adoption. Reserve Bank of Australia has its concerns with cryptocurrencies, the most obvious one being the fluctuations in their value and depreciation rates overtime and furthermore, if these are real or not, the financial services minister says that it would be not wise for Australia to let this amazing opportunity slip out of its hands.
The Reserve Bank has also warned Australian investors about putting their money into crypto as, according to the Reserve Bank, it is not a very good hedge against inflation and is a very volatile entity. It was also pointed out by the Reserve Bank that the country at the moment lacks the technology which is required to maintain cryptocurrencies and level with them in terms of trading, regulation, and investment.
Australia Needs to Adopt Crypto, Says Jane Hume
Jane Hume says that it is the responsibility of the state to introduce the necessary technology required to work with cryptocurrencies; it is a very lame excuse to label it like this. While originally if the interest of the country aligns with crypto, then necessary technologies could be made available without any problem. According to her proposition, Australia needs to adopt crypto in order to move further and become a competitive financial market because eventually, every other country out there is going to adopt it either now or sometime in the future.