Monday, October 25

Australia’s Minister of Financial Services: “I Will Not Block Cryptocurrencies”

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The Australian Minister of Financial Services said cryptocurrencies are part of individuals’ personal preferences and responsibilities. The message stands in stark contrast to the positions taken by other governments and regulators.

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Australian Financial Services Minister Jane Hume said cryptocurrencies will grow as an asset class and the Australian government will not stand in the way of cryptocurrency traders. At the Securities Exchanges and Financial Advisors Association’s annual conference earlier this week, Hume said:

“I want to make one thing clear: cryptocurrency is not a fad. It is an asset class that will increase in importance. If you want to invest in Dogecoin, I will not stop you. Personal opportunity and personal responsibility are two sides of the same coin. ”

Amid tighter regulatory calls for the cryptocurrency industry, Hume also made a statement about the dubious financial advice available on social media platforms such as TikTok.

“The TikTok influencer that made Nokia stand out is not that different from the guy in the pub who wants to tell you everything about the really cool company he’s newly invested in. This is not financial advice, but an inevitable part of the financial system, as has been the case since taxi drivers started offering stock tips. ”

Hume added that professional investors may be disappointed with such advice, “at some point we need to let people make their own decisions, it’s about personal responsibility and common sense.” Hume’s comments stand in stark contrast to the harsher attitudes adopted by other governments on crypto trading.

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