Australia- Financial service Minister Jane Hume believes Cryptocurrency is not a fad. She made a comparison of digital currency with an iPhone. He says initially there were thoughts that iPhone would never take off. Similarly, Cryptocurrency is not a craze.  She said government and industry should not fear the rise of decentralized digital currency.

Speaking at an Australian Financial Review summit on Monday, Hume said, ‘’ Cryptocurrency was not going away time soon. Regardless of people’s view on it. So as an industry, and as a government, we to acknowledge this is not a fad. We should tread cautiously, but not fearfully, she said, relating cryptocurrency to previous technology disturbances.

Warn Australians to take risk

Compared with iPhone she said, ‘’ don’t be the person who thought the iPhone would never take off because people would prefer to have their music and telephone on separate devices. Don’t be the person in 1995 who said the internet was just a place for geeks and criminals and would never become mainstream. And don’t be the person who argued that email was a passing fad.’’

She commented after Reserve Bank of Australia’s head of payment policy, Tony Richards, told the Australian Corporate Treasury Association that he could see credible scenarios in the future. That would Challenge the current enthusiasm around digital currencies.

Meanwhile, she warn Australians not to avoid taking a risk, otherwise, they would be left behind.