Australian Treasurer Jim Chalmers believes cryptocurrency can modernize the country’s financial system.

Australian Treasurer Jim Chalmers says cryptocurrency can help modernize the country’s financial system and should not be hindered by excessive regulation. While acknowledging legitimate concerns about crypto’s use by criminals, Chalmers noted that Donald Trump’s re-election has prompted a reevaluation of the sector’s importance.

According to the Sydney Morning Herald, Chalmers suggested cryptocurrency could play a key role in revamping Australia’s financial system. However, his comments contradict those of Reserve Bank of Australia (RBA) Gov. Michele Bullock, who stated that cryptocurrencies like bitcoin (BTC) have no place in Australia’s economy or payments system.

Bullock also rejected the idea that cryptocurrencies can serve as alternative currencies. Her views were seemingly supported by Australian Securities and Investment Commission (ASIC) Chair Joe Longo, who compared BTC to a “greater fool theory.” Future Fund CEO Raphael Arendt criticized the idea of making bitcoin (BTC) a strategic reserve, stating he doesn’t understand the value of holding a reserve of any currency, especially one that’s not controlled or well-understood.

To address concerns from critics, including heads of Australian regulatory agencies, Chalmers advocated for the establishment of appropriate consumer safeguards.

“We need to make sure there are appropriate protections and guard-rails, but we need to make sure we don’t overdo that and stomp on part of the industry which, I think, will be important in the industry,” Chalmers said.

The treasurer noted that Australian authorities are recognizing cryptocurrency’s legitimacy and growing importance. He also warned against focusing too much on the drawbacks of cryptocurrency without acknowledging its benefits.

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