It should be noted that criticism of cryptocurrencies has been plentiful of late as well. For example, at the end of last week, former US presidential candidate Hillary Clinton voiced concerns about digital assets. She made it clear that the concept of cryptocurrencies is interesting in and of itself, but that Bitcoin poses a threat to the dollar.


The cryptocurrency community did not appreciate the statement. Still, the US government itself has chosen to go the way of increasing the money supply, which has already triggered the biggest inflation in 30 years. Why Bitcoin should be blamed for all the sins in the face of this is unclear.

Former US presidential candidate Hillary Clinton

What will happen to cryptocurrencies in the future

Here’s a quote from Hume from her report at the recent Australian Financial Review summit, in which the official shared her take on what’s happening in the digital asset niche. Jane’s remarks are cited by Decrypt.

We need to recognise that cryptocurrencies are not a fad. Regarding the crypto industry, we must act with caution, but without fear or prejudice.

By doing so, Hume makes it clear that the decentralised asset industry is not exclusively a haven for crooks and people who want to avoid paying taxes. Remember, that's the reputation that bankers and bureaucrats once created for digital coins. And it's a theme that continues to be supported to this day.

For example, the day before, the topic of crypto was brought up by the head of the Federal Tax Service, Daniil Egorov, in a recent interview with RBC. Here is his response to a question about “innovative tax avoidance schemes”.

But when you get into the digital space, you still leave a trace. And it’s only a matter of time before that footprint is exposed. Speaking of cryptocurrencies, we are now dealing with this market quite tightly, realising that this system of settlement can create quite a significant erosion for the tax base.

Australian Senator Jane Hume

Most importantly, the crypto market will never disappear and become part of the world’s financial relationships. Critics of innovation simply shouldn’t be outdone by progress, says the senator.

Don’t be the person who didn’t believe in the success of the iPhone because people would supposedly be comfortable listening to music and talking on the phone on different devices. Don’t be the person who said in 1995 that the internet would never become popular because it was only a place for cheaters and geeks.

Jane Hume has been taking a neutral stance on the crypto market for quite some time now. Back in May this year, she said that the Australian government would not hinder those who wanted to invest in digital assets. Here’s her rejoinder.

If you want to buy Dogecoin, I won’t stop you. Personal earning opportunities and personal responsibility are two sides of the same coin.

Accordingly, the expert does not think it necessary to interfere with citizens' activity and influence their financial activity. However, this point of view is definitely not shared by US officials, who create difficulties for locals who want to connect with various cryptocurrency projects. Against this backdrop, a meme has even emerged within the blockchain community that the US government is protecting citizens from earning opportunities.

Crypto will always be with us

Unfortunately, not all financial regulators around the world treat crypto the way the Australian senator does. For example, the UK’s Financial Conduct Authority (FCA) banned ordinary investors from investing in crypto derivatives back in January because of the industry’s “standard” criticism of high volatility and fraud.

We don’t agree with that stance. Still, and while there are indeed plenty of criminals in the niche, the utility of the industry and its prospects outweigh the short-term inconvenience in the face of criminals. Over time, it will become increasingly difficult for them to “make money” as the public’s education about coins will continue to increase.


We believe that the Australian senator's position is indeed consistent with logic and relevance. Cryptocurrencies now not only offer a risky opportunity to make money, but also open the door to banking analogues for all comers. It is therefore a simple waste of time to criticise them - and even more so to fight them.