Australia Central Bank Argues Bitcoin ‘Unlikely’ To Become Mainstream
William Suberg's original article for cointelegraph.com reduced by 56%
Australia's central bank said bitcoin and cryptocurrencies would remain outside mainstream payments in a dedicated article issued on June 20. Titled 'Cryptocurrency: Ten Years On,' the document from the Reserve Bank of Australia appears to commemorate the past decade of bitcoin's existence while admitting zero faith in its future beyond a niche asset. "Despite achieving some name recognition, cryptocurrencies are not widely used for payments," its abstract summarizes.
"This article examines why Bitcoin is unlikely to become a ubiquitous payment method in Australia, and summarises how subsequent cryptocurrencies have sought to address some of the shortcomings of Bitcoin - such as its volatility and scalability problems." Australia's government remains highly risk-averse on cryptocurrency in general, choosing to warn consumers about perceived risks while adopting an aggressive taxation and data collection policy. The RBA article nonetheless appears to paint a less optimistic picture, championing the Australian dollar as a preferable alternative to cryptocurrency. "As long as the Australian dollar continues to provide a reliable, low-inflation store of value, and the payments industry continues to work on the efficiency, functionality and resilience of the Australian payments system, it is difficult to envisage cryptocurrencies presenting a compelling proposition that would lead to their widespread use in Australia..
Donate Bitcoin to this address
Scan the QR code or copy the address below into your wallet to send some Bitcoin
Donate Ethereum to this address
Scan the QR code or copy the address below into your wallet to send some Ethereum
Donate With MetaMask
Donate ETH Via PAY With Metamask
Alternatively, support us by using the following referral links:
CN [too long; didn’t read]
Summarised crypto news.