{"id":205441,"date":"2021-11-23T05:00:50","date_gmt":"2021-11-23T05:00:50","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=205441"},"modified":"2021-11-25T14:33:14","modified_gmt":"2021-11-25T14:33:14","slug":"australian-senator-lends-support-to-defi-amid-market-pullback","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/australian-senator-lends-support-to-defi-amid-market-pullback\/","title":{"rendered":"Australian senator lends support to DeFi amid market pullback"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201c<\/span><a href=\"https:\/\/cryptoslate.com\/cryptos\/defi\/\"><span style=\"font-weight: 400;\">DeFi<\/span><\/a><span style=\"font-weight: 400;\"> prospects are looking bright as the technology is not going away anytime soon,\u201d Senator Hume, the minister of Women's Economic Security of Australia and representative of the Liberal Party and the state of Victoria, said.<\/span><\/p>\n<h2><b>Australian Senator's advice on DeFi mechanisms\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Senator Hume addressed the industry in her speech and urged the government to acknowledge that DeFi is &#8220;not a fad&#8221; and is here to stay for long. She also advised people to be mindful of the investments they make and to &#8220;tread cautiously but not fearfully.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But Senator Hume shared how the <\/span><a href=\"https:\/\/cryptoslate.com\/why-not-defi-exploring-the-argument-for-liquidity-staking\/amp\/\"><span style=\"font-weight: 400;\">DeFi industry<\/span><\/a><span style=\"font-weight: 400;\"> is not a short-lived phenomenon and is an industry that possesses extreme potential. \u201cAustralia must adopt the emerging DeFi sector and should not project reluctance when it comes to embracing new technological innovations,\u201d she said, adding:<\/span><\/p>\n<blockquote><p><b>&#8220;Decentralized finance underpinned by blockchain technology will present incredible opportunities \u2013 Australia mustn\u2019t be left behind by fear of the unknown.\u201d<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">According to a <\/span><a href=\"https:\/\/btcmanager.com\/australia-bitcoin-gold-popularity-survey\/\"><span style=\"font-weight: 400;\">survey<\/span><\/a><span style=\"font-weight: 400;\"> conducted earlier this year, it was revealed that Bitcoin has been steadily taking over <\/span><a href=\"https:\/\/finance.yahoo.com\/news\/australia-third-highest-rate-crypto-004512287.html\"><span style=\"font-weight: 400;\">gold<\/span><\/a> <span style=\"font-weight: 400;\">in terms of popularity in the Australian Market.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.\u00a0 \u201cDeFi prospects are looking bright as the technology is not going away anytime soon,\u201d Senator Hume, the minister of Women&#8217;s Economic Security of Australia and representative of the [&hellip;]<\/p>\n","protected":false},"author":824,"featured_media":205442,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29,11],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - 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