Australian Central Bank is not Planning to Issue its Own Cryptocurrency

State Cryptocurrencies

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Australian Central bank has denied claims that its planning to issue its own digital currencies in a speech which they termed Bitcoin as fascinating but inefficient. Tony Richards who is the head of the Reserve Bank of Australia was speaking during the Australian Business Economics in Sydney where he appeared hawkish on digital currencies even though the Australian government has set aside some money for blockchain research.

Richards noted that:

“Issuing cryptocurrency is not a priority to us but it’s something we have been working on and we will continue working on it. We are still looking at several aspects on whether central bank digital currency for B2B use could be of any value.”

Australia has already set aside more than half a million dollars in their 2018-2019 budget for blockchain research. This is despite the fact that Richards himself gave a mixed reaction about digital currencies and particularly Bitcoin. The Australian Central Bank boss criticized Bitcoin’s network while still appreciating how it was created. Richards continued by stating that:

“It has been 9 years since Bitcoin was launched. It has also been 5 years since Bitcoin entered the public consciousness and it continuous to he several flaws which have made it unsuitable for some users. Most of these flaws are caused by the inefficient verification process. Despite these flaws, digital currencies and distributed ledgers are fascinating developments from border economic perspective.”

In New Zealand, there have been concerns about the country’s Central bank launching its own digital currency. Even though the bank has come out to state that it has no plans to launch one any time soon it did not rule out the plan of launching one in future. As at now only, Venezuela has launched its own digital currency called Petro. Cryptocurrency is regarded as the easiest and best method to avoid international economic sanctions since digital currencies are border-less.

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