The central banks of Australia and New Zealand denied they would issue their own cryptocurrencies June 26, in a speech calling Bitcoin “fascinating” but “inefficient.” Addressing the Australian Business Economists in Sydney, Tony Richards, head of the Reserve Bank of Australia’s (RBA) payments policy, appeared hawkish on cryptocurrency as Australia’s government devotes considerable funds to blockchain research.
“It’s not a high priority for us, but it’s something we’re continuing to work on,” he said about the bank issuing its own token.
Richards himself gave a mixed impression of Bitcoin, criticizing its network while showing appreciation for how it operated.
“Nine years after its launch and about five years since it entered the public consciousness, [Bitcoin] continues to have structural flaws that make it unsuitable for many uses, many of which stem from its inefficient verification process,” he continued.
“…These risks acknowledged, cryptocurrencies and distributed ledgers are fascinating developments both from a payments and a broader economic perspective.” In neighboring New Zealand meanwhile, central bank figures also voiced concerns about their own token, remaining unsure about its “conclusive benefits,” Reuters reports.
The trend of ‘central banks’ talking about cryptocurrencies is warming up once more, with The Reserve Bank of Australia (RBA) and The Reserve Bank of New Zealand (RBNZ) weighing in on the debate.
The pair have moved to debunk rumours that they are investigating in establishing their own central bank digital currency, on the basis that they believe such a project would inevitably damage their current banking system.
Australia and New Zealand have both just ruled out the option of pursuing a central bank digital currency (CBDCs) – at least for now. Subsequently, he reiterated the RBA’s stance on issuing a central bank digital currency – or an “eAUD” as the bank’s governor Philip Lowe called it in a previous speech – that a
Bitcoin is “fascinating” but “inefficient,” Australia’s central bank has claimed as both it and neighboring New Zealand take a hands-off approach to their own tokens
According to new research from Dutch multinational banking and financial services giant ING, interest in cryptocurrency is expected to double. The interesting findings come from the “Cracking the Code on Cryptocurrency” portion of its sixth annual ING International Survey Mobil Banking.
Business Insider (Australia) have published an interesting article which asks a number of experts from the blockchain industry if they believe we are about to witness a new ‘Gutenberg Moment’ from the blockchain.
“When Blockchain Revolution came out, bitcoin was worth around $7 billion. Today, it’s more than twenty-two times that. Bitcoin is the workhorse of the cryptocurrency world and the cryptocurrency that launched a thousand ships.
Australia’s Blockbid cryptocurrency trading firm has achieved a significant milestone yet again in the blockchain-based virtual currency industry by becoming the first crypto exchange in the globe to partner with a traditional risk management firm, in a bid to conduct more effective Know-your-customer (KYC) and Anti Money Laundering (AML) operations.
And while it’s not the original chain, Ver very often renames bitcoin, “bitcoin core” (after the name of the team behind bitcoin’s main software implementation), even going so far as to label bitcoin cash, “bitcoin” and bitcoin, “bitcoin core” on his website bitcoin.
A new August survey says the number of Australians currently holding virtual currency has nearly tripled since a similar study was carried out in January. Nations like Malta and Switzerland often dominate headlines when it comes to cryptocurrencies.
