Saturday, November 27

Cryptocurrencies are here to stay, says Australia’s Welfare Minister

Jane Hume, Australia’s Welfare Minister, said on Monday (22) that cryptocurrencies are here to stay. The speech took place during the Australian Financial Review event a few days after the Central Bank of Australia (RBA) issued a market crash warning.

Your speech, reported by The Guardian, also asks people not to make the same mistakes of the past. Regardless of the skeptics’ contempt, several technologies have emerged and are now the foundation of our society.

This fight, which every day gains more supporters for Bitcoin and cryptocurrencies, is related to power. On the one hand we have Central Banks, and their CBDC plans, ruling the economy, on the other we have the empowerment of the individual, with Bitcoin.

It’s not a fad

In her speech, the minister compared cryptocurrencies with iPhone, email and even the internet, claiming that just like these innovations, cryptocurrencies are also here to stay, they are not a fad. Asking people to stop arguing against cryptocurrencies.

“Therefore, as an industry and as a government, we need to recognize that this is not a fad. We must act with caution, but not fear”

His speech seems to be an attack on the Central Bank of Australia, after all one of its directors said last Thursday (18th) that cryptocurrencies are not currencies, in addition to considering them as a terrible store of value.

This arm wrestling between central banks and lawmakers is not unique to Australia. The same is happening in Russia where parliamentarians are proposing laws to recognize cryptocurrencies as property, while the Central Bank of Russia promises to fight against cryptocurrencies.

In short, politicians want to collect taxes from users and companies in the sector, while the BC, threatened by better money, does not want to lose its power to rule the economy.

No government wants to be left out, except China

Today the smartest politicians are in a race to make their country, or city, the center of the cryptocurrency industry. This phenomenon can be seen from the statements of mayors in the US and even countries, as is the case of El Salvador that recently announced Bitcoin City.

“O [setor de] Decentralized finance underpinned by blockchain technology will present incredible opportunities, Australia must not be left behind for fear of the unknown.”, said Minister Jane Hume.

Countries that do not want to take advantage of this opportunity, such as China, are those that find it more important to dominate the actions of their citizens than to earn money and, consequently, use it to improve their infrastructure and the quality of life of their people. Well, it seems they never bothered with the last point.

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