- Reserve Bank of Australia (RBA) takes into account the last decade of Bitcoin’s existence in the latest study.
- The Reserve Bank of Australia and the government still consider crypto as high-risk assets.
According to a recent report by Australia’s central, Bitcoin and the rest of the cryptocurrencies are unlikely to grow to mainstream adoption as payment options in the country. In its study Titled ‘Cryptocurrency: Ten Years On,’ the Reserve Bank of Australia (RBA) takes into account the last decade of Bitcoin’s existence. However, the bank is not optimistic about the future of the largest crypto by market capitalization.
“Despite achieving some name recognition, cryptocurrencies are not widely used for payments. 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,” reads the document’s abstract.
The Reserve Bank of Australia and the government still consider crypto as high-risk assets and continue to warn the public of the risks associated with them in addition to pushing for aggressive taxation and data collection policy.
The document says in conclusion:
“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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