Australia Central Bank Argues Bitcoin ‘Unlikely’ To Become Mainstream
William Suberg's original article for cointelegraph.com reduced by 53%
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..
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CN [too long; didn’t read]
Summarised crypto news.