We all know that cryptocurrency has been a rather divisive topic for many, with some being strong supporters of virtual currency, whilst others believing that the digital asset is nothing more than a fad and something that will never take off.
Of course, there are many that will make assumptions about it without truly knowing anything about it and will pass it off as something that can not happen because it is “not real”, including those that currently work within finance and governmental positions.
However, one of the most important ministers within Australia has since warned her nation that it is time to get serious about cryptocurrency and that it is something that should not be feared, although they should still look to adopt a rather cautious approach; perhaps much in the same way as those who continue to play the best casino games at admiralcasinologin.com.
Jane Hume, who is the financial services minister, has argued that cryptocurrency “was not going away any time soon”, despite the views and opinions of many, whilst also claiming that the government needed to acknowledge it.
“So as an industry, and as a government, we need to acknowledge this is not a fad. We should tread cautiously, but not fearfully,” she said, as she compared it to the launch of the iPhone when it was first released.
“Don’t be the person who thought the iPhone would never take off because people would prefer to have their music and telephone on separate devices. Don’t be the person in 1995 who said the internet was just a place for geeks and criminals and would never become mainstream. And don’t be the person who argued that email was a passing fad.”
Perhaps unsurprisingly, her comments do come rather timely as a few days prior, the Reserve Bank of Australia’s head of payments policy, Tony Richards, told the Australian Corporate Treasury Association that he could see a number of scenarios in the future that would “challenge the current fervour” around digital assets.
He revealed he believed those changes could cause the cryptocurrency market to crash, which is thought to be valued at around $US2.6 trillion, whilst also pointing out other factors that could have an impact.
“Households might be less influenced by fads and a fear of missing out and might start to pay more attention to the warnings of securities regulators and consumer protection agencies in many countries about the risks of investing in something with no issuer, no backing and highly uncertain value,” he said.
Hume, though, has continued to tell Australia that they should not risk being left behind and stated that she felt “incredible opportunities” could be enjoyed in the future.
“Decentralised finance underpinned by blockchain technology will present incredible opportunities – Australia mustn’t be left behind by fear of the unknown,” she said.
A Senate report has estimated around 17% of Australians currently hold cryptocurrency assets, which is perhaps why the Commonwealth Bank had announced earlier this month that it would allow customers to buy and sell up to 10 different crypto assets through its banking app in a trial set to be launched in 2022.