Australian Senator Says Cryptocurrency Is Not a Fad — Government Won’t Stand in the Way

2021-5-20 14:30

Australian Senator and Minister of Financial Services Jane Hume said that “cryptocurrency is not a fad. It is an asset class that will grow in importance.” She emphasized that the government won’t stand in the way of crypto investing. “We have to let people make their own decisions,” she said.

Australian Government Won’s Stand in the Way of Crypto

Australian lawmaker Jane Hume said on Thursday that cryptocurrencies are not a passing fad and will grow in importance as an asset class, the Financial Review reported. Her crypto comments were part of her speech outlining the Morrison government’s approach to a new wave of digital financial platforms and products.

Hume is an Australian senator and the Minister for Superannuation, Financial Services, and the Digital Economy. She is also the Minister for Women’s Economic Security.

Commenting on the rising number of platforms — such as Tiktok, Facebook, Instagram and Reddit — that provide information and give investment advice to investors, the senator 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.

She acknowledged that there is some bad information and investment advice online that could lead to losses for investors who follow them. However, the senator noted that there is also good advice.

The Australian Securities and Investments Commission warned last year of an increase in unmoderated social media content on markets and investments that targeted unsophisticated retail investors.

The senator said:

While it is frustrating for investment professionals to watch, at some point we have to let people make their own decisions … It’s about personal responsibility and common sense.

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This approach taken by the Australian government extends to cryptocurrency, including the meme crypto dogecoin, which has been heavily promoted by a number of people including Tesla CEO Elon Musk.

While emphasizing that cryptocurrencies, like any other asset class, are “subject to Australian law, including our market conduct, know-your-client and tax laws,” Hume clarified:

I would like to make something clear: cryptocurrency is not a fad. It is an asset class that will grow in importance. If you want to invest in dogecoin, I won’t stand in your way. Personal opportunity and personal responsibility are two sides of the same coin.

Senator Hume concluded: “The fact that some people make poor decisions does not justify restricting the ability for ordinary Australians to participate in investment. If we see some people lose money and use this to justify onerous restrictions on the bulk of Australian consumers, we exclude them from the benefits of capital growth that go hand in hand with economic growth.”

What do you think about the comments by Senator Hume about cryptocurrency? Let us know in the comments section below.

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