DeFi is Here to Stay, Says Australian Senator

The decentralized finance (DeFi) space has grown to become a $250 billion market, and it could grow bigger over the coming months and years.

DeFi is Not Going Away

Australian Senator Jane Hume has pointed out that the decentralized finance (DeFi) space is not going anywhere, and it presents excellent opportunities for Australians. She made this statement while speaking at the Australian Financial Review Super & Wealth Summit in Sydney.

Hume is also Australia’s Minister for Women’s Economic Security of Australia. In her speech, Hume told industry experts and the government not to ignore the DeFi space as it is not going away. She stated that “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. Decentralized finance underpinned by blockchain technology will present incredible opportunities ‑ Australia mustn‘t be left behind by fear of the unknown.“

The senator further pointed out that Australia’s economic future will be determined by innovation and adoption of technologies as the country continues to recover from the impacts of the Coronavirus pandemic.

Australia is Taking a Progressive Approach Towards Crypto

Australia has become one of the most progressive cryptocurrency nations in recent months. The government is taking strategic steps that would ensure that cryptocurrency and blockchain innovation thrives in the country.

Earlier this month, a new legislature passed has allowed Australian authorities to seize or freeze cryptocurrencies linked to cybercrime. The cryptocurrency industry is now worth around $3 trillion globally, and countries are starting to pass legislation that would help attract investors and other notable market players.

Ethereum is home to some of the leading DeFi protocols in the world. The second-largest cryptocurrency by market cap has underperformed in recent weeks and is now trading just below the $4,200 level per coin.

The broader cryptocurrency market could recover from the recent dip and could rally higher before the end of the year.