For a long time, leaders of government institutions were vehemently against the idea of legalizing cryptocurrency. The same trend was visible in different parts of the world with leaders coming up with attacks and accusations against cryptocurrency. Many notable national and regional leaders have previously called cryptocurrency an internet fad or a massive bubble. However, they seem to be proven wrong more with every passing day. As Bitcoin is reaching unprecedented heights both in terms of market capitalization and use cases, few leaders are opening up to the possibility and potential of cryptocurrency.
Australian Senator Jane Hume is among the few important political figures who have firmly stood in support of cryptocurrency despite political pressures. In her recent comments about cryptocurrency and decentralized finance, she said that treating these sectors as fads would mean an eventual loss for the country. At the Australian Super & Wealth Summit in Sydney, Jane Hume was heard talking about fear keeping Australians away from cryptocurrencies and how that would mean losing out on a big opportunity. She put particular emphasis on the possibilities and potential of decentralized exchanges.
While the legal status of decentralized exchanges is still vague, it has all the necessary ingredients to be the future of financial transactions. It is faster, cheaper, and more secure in many ways. Unawareness of decentralized exchanges is keeping people away from making the best of use of it, according to Hume. If more such leaders back Defi and crypto, these sectors will have a better chance of flourishing and reaching their full potential.