A senior official at the Reserve Bank of Australia (RBA) said that bitcoin is unlikely to be widely adopted in the country. He outlined the digital currency’s price volatility as well as the stability of the Aussie dollar as the main reasons.
No to Bitcoin
Speaking at an Australian Business Economists event earlier today, Tony Richards, RBA’s payments policy division head, stated that bitcoin is unlikely to be adopted Down Under.
According to Richards, one of the main reasons that Bitcoin is supposedly doomed to fail in Australia is the stability of the country’s fiat currency – the Australian Dollar:
The stability of the Aussie dollar means bitcoin is unlikely to be widely adopted. […] When a country doesn’t have a credible currency, then people might look for other ones. […] Whether those are cryptocurrencies or something like the US dollar is another issue, but we in Australia have a perfectly credible currency called the Australian dollar; we’ve had low and stable inflation for at least 25 years; and the likelihood that we’d have significant adoption of an alternative currency seems to be pretty low.
Yet, taking a look …
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