Australia’s Central Bank Says It’s Unlikely Bitcoin Will Succeed Down Under

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Australia’s Central Bank Says It’s Unlikely Bitcoin Will Succeed Down Under

Tue Jun 26, 2018 12:03 pm

A senior official at the Reserve Bank of Australia (RBA) has said that Bitcoin is unlikely to succeed in the country due to the stability of the Australian dollar.
No Place for Bitcoin

Dr. Tony Richards, head of payments policy at the RBA, was the one making the comments. According to Dr. Richards, he doesn’t see Bitcoin having an impact on monetary policy or the financial system in Australia, reports News.com. He said:

When a country doesn’t have a credible currency, then people might look for other ones.

In his opinion, the Australian dollar is a stable currency, and he stresses Australia has had low and stable inflation for the past 25 years. He added:

The likelihood that we’d have significant adoption of an alternative currency seems to be pretty low.

Dr. Richards has owned Bitcoin since 2014. However, he said that it’s unlikely Bitcoin will be considered a store of value in Australia. This is due to the fact that Australia has a safe and stable banking system compared to Bitcoin’s volatility


https://www.livebitcoinnews.com/austral ... own-under/

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