finance

Reserve Bank of Australia rejects crypto as means of payment

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The RBA's assistant governor has reiterated the view cryptocurrencies like Bitcoin have no place for making payments in the future.

Sky News Business Editor Ross Greenwood says Michele Bullock came out at a payments conference and effectively said she will not call Bitcoin cryptocurrencies because she “doesn’t believe that they’re currency”.

“Crypto-assets is what she calls them and, so, as a result, she’s also saying not only are they highly volatile and people could lose money from them, but she doesn't ever believe that they will have any part in terms of actual payments,” Mr. Greenwood said.

“The one thing she does say though is that central banks themselves could issue their own stable coins as they’re sometimes called.”

1 Comments

  • Suvir

    Suvir

    1:25 AM, 25-11-2021

    They have the most to lose so their comments are not surprising. Bitcoin is certainly a crypto-asset and more a store of value rather than a payment system. However with lightning it is certainly being used more and more in payments. Certainly other crypto-assets are being used for remittance and retail transactions. The CBA takes a different view. CDBCs if they are centralised, inflationary and can be confiscated, have nothing to offer of true value when compared to crypto

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