The Central Banks Of Australia And New Zealand Against Cryptocurrencies

2018-6-26 17:00

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.

According to Reuters, Tony Richards, the head of the RBA referred to Bitcoin as unreliable as a store of value and a means of payment, stating that:

“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. ”

Moreover, in reference to an RBA based cryptocurrency:

“Based on our interactions with our counterparts in other countries, it is also not front of mind for most other advanced economy central banks. ”

Geoff Bascand, the Deputy Governor for the RBNZ has added:

“A breakdown in the financial system can cause enormous economic and social harm.

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Источник: cryptodaily.co.uk

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