Australian senator lends support to DeFi amid market pullback

Australian Senator Jane Hume, while speaking at the Australian Financial Review Super and Wealth Summit, stated how the DeFi industry has been prospering in terms of trading.

“DeFi prospects are looking bright as the technology is not going away anytime soon,” Senator Hume, the minister of Women’s Economic Security of Australia and representative of the Liberal Party and the state of Victoria, said.

Australian Senator’s advice on DeFi mechanisms

Senator Hume addressed the industry in her speech and urged the government to acknowledge that DeFi is “not a fad” and is here to stay for long. She also advised people to be mindful of the investments they make and to “tread cautiously but not fearfully.”

The conference, which was held in Sydney on November 22 was organized primarily to discuss Super and Government retirement funds, both of which are often regarded as slow investment alternatives that offer steady returns.

But Senator Hume shared how the DeFi industry is not a short-lived phenomenon and is an industry that possesses extreme potential. “Australia must adopt the emerging DeFi sector and should not project reluctance when it comes to embracing new technological innovations,” she said, adding:

“Decentralized finance underpinned by blockchain technology will present incredible opportunities – Australia mustn’t be left behind by fear of the unknown.”

According to a survey conducted earlier this year, it was revealed that Bitcoin has been steadily taking over gold in terms of popularity in the Australian Market.

Similarly, another survey conducted by Kraken disclosed that about 40% of Australians prefer crypto assets as compared to real estate investments and think that cryptocurrency is a profitable investment alternative in the long run.

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