Australian Finance Minister Says Crypto Is Not a Fad

The financial services minister of Australia, Jane Hume, in a speech about how the Morrison government is tackling the new wave of digital financial platforms, products, and advice, made a statement concerning the asset class.

Hume mentioned that even though crypto assets are highly volatile and investors are at risk of losing their money, she would not be a barrier to those who choose to take that path. 

“I would like to make something clear: cryptocurrency is not a fad. It is an asset class that will grow in importance,” she said.

Clarifying at the Stockbrokers and Financial Advisers Association annual conference, how Australian crypto investors should be treated, she said, “We have to back Australians to be sensible enough to judge for themselves whether to put their hard-earned money into higher-risk assets.” 

Hume, before delving into politics, held senior positions in the banking, finance, and superannuation sectors. She later served as a Senator for Victoria from 2016, under the Liberal Party before taking the position of Minister for Superannuation, Financial Services, and the Digital Economy in the Morrison Government in December 2020. 

At the same conference, the senator addressed that the government or professional investors should not look down on unsophisticated retail investors or young investors who wish to invest in high-risk assets like crypto, comparing it to climbing the mountain which is a personal decision.

While she pointed out that as an investment in any asset class, cryptocurrencies are subject to Australian law, including market conduct, know-your-client, and tax laws, senator Hume rebuffed the idea of placing tighter restrictions or increased regulation on the market pace since it would which would limit new market entrants. She termed such actions as a “nanny state” alternative.

Australia has for a long time shown interest in the crypto industry. Just last month, the Living Room of Satoshi, a bitcoin payment firm, launched a new service that enabled citizens to collect their wages in Bitcoin.

The giant step taken by the payments firm created more room for bitcoin adoption since Australian workers can now choose to receive a portion of their employment wage in Bitcoin.

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This article is Originally posted on CoinCentral.com
Author: Abigail Michelle

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Author: Abigail Michelle