Superannuation and Financial Services Minister Jane Hume says there is a groundswell of support behind cryptocurrency in Australia.

It comes as Ms Hume has hit back at the Reserve Bank of Australia, saying crypto is not a fad and that Australia risks losing out on major economic opportunities if governments and regulators do not embrace it.

“About 17 per cent of Australians now invest in cryptocurrency,” she told Sky News host Peta Credlin.

“Whatever you might think about it as an asset class, as a technology it’s certainly here to stay.”

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