Cryptocurrency Is Not Just a Fad: Australian Lawmaker

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According to a report by the Financial Review, Australian lawmaker Jane Hume earlier today argued that cryptocurrency is not just a fad and will become more important as an asset class. Her crypto-based comments were part of a speech explaining the Prime Minister of Australia’s approach to the new era of digital financial assets and platforms.

Jane Hume is a senator and the Minister for Superannuation, Financial Services, and the Digital Economy. Citing the growing number of social media, like Twitter, Tiktok, Reddit, Facebook, and Instagram, that serves as a medium for investment information and advice, the Australian senator stated that:

“We have to back Australians to be sensible enough to judge for themselves whether to put their hard-earned money into higher-risk assets.”

While she acknowledged that there is a ton of false information on these media that could cause significant losses for investors, she argued that there is also a great deal of good advice and information for investors.

Growing Cryptocurrency Misinformation Problem

Last year, the Australian Securities and Investment Commission warned about increasing unmoderated social media content on financial markets and investments aimed at new retail investors.

The lawmaker added that:

“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.”

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

“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.”

 

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