It appears that one of the most well-known, and controversial, figures in cryptocurrency is finally opening up to the idea that it has a future — and not just as a fad. Two months after calling Bitcoin a “fraudster’s dream” and suggesting that anyone who invested in the cryptocurrency was “stupid,” Australian Senator Malcolm Roberts appears to have had a change of heart about the digital currency.
An Australian senator predicts that cryptocurrency and digital assets are not going away, and that the government will not try to stop them.
A new vision for the Australian economy and society could be on the horizon, according to newly elected Senator Denham. “Cryptocurrency represents a new era of financial inclusion,” he said. “A new era in which businesses and individuals can engage in commerce with a level of freedom and independence previously unimaginable.” Senator Denham said the government will not stand in the way of this new era. “We see no reason why cryptocurrency should be stifled,” he said.
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. 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. Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Australia has been keeping a close watch on the cryptocurrency industry. The country wants to make sure that everything is on the up and up. For example, the government recently announced that it will be making changes to the Anti-Money Laundering and Counter-Terrorism Financing Act. The new rules will make it easier for exchanges to operate in the region, preventing the need for strict know-your-customer rules.. Read more about crypto bank australia and let us know what you think.
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