That’s the way I like it! An Australian federal minister has said that government has no objection to people investing in crypto assets, though she also warned of the risks.
As reported by Daily Mail, Senator Jane Hume, the minister for financial services and the digital economy, shared some thoughts on the cryptocurrency space. She said that the government takes no issues with consumers investing in cryptocurrencies.
Hume was speaking at the Stockbrokers and Financial Advisors Association Conference in Sydney on Thursday, where she acknowledged that crypto assets are unregulated.
“But like investment in any asset class, they are subject to Australian law, including our market conduct, know-your-client and tax laws. It is not a free pass.”
She further stated that cryptocurrencies are not a fad, adding that they are an asset class that will grow in importance in the future. Emphasizing that government will not stand in the way of crypto investing, she stressed that we have to let people make their own decisions.
Commenting on the rising number of social platforms like Facebook, TikTok, Instagram, and Reddit that provide information and give investment advice, 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 there is also good advice.
Senator Hume concluded that the fact that some people make poor decisions does not justify restricting the ability for ordinary Australians to participate in investment. Personal opportunity and personal responsibility are two sides of the same coin, she said.
Why can’t everyone else keep things this simple!
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