on the crypto
Cryptocurrencies, Australia also designs its own digital currency: more and more governments are thinking of a way to exploit the blockchain.
More and more countries are thinking of entering the world of digital currencies from the main door: creating its own virtual currency, which can accompany the traditional currency circulation system, going into conflict with the cryptocurrency most known and widespread on the planet.
Australia and cryptocurrency
And so, after the Swedish Riksbank (the oldest central bank in the world, which these days is considering the possibility of introducing a digital version of its Swedish krona), again Reserve Bank of Australia is well thinking of introducing itself in the same guideline, going to understand if its physical currency can be accompanied or replaced by a digital version.
Illicit activities
Speaking publicly to the press, Philip Lowe, governor of the monetary institution, he defined Bitcoin as "evil", considering that - unfortunately - it was (and is) often used for illegal activities.
Recalling also that Bitcoin is "a craze that is on the verge of speculation", Lowe then went on to argue that the technology underlying cryptocurrencies, such as the blockchain, can be exploited over time to be able to make digital coins supplied by central banks as "superior" to Bitcoin.
Shadow economy
Lowe also added that when one thinks exclusively of a payment instrument, Bicoin seems to be "interesting" especially for those who wish to carry out illegal transactions or in the underground economy, rather than in daily transactions.
The governor has therefore further affirmed how for the moment, therefore, the current fascination of such coins is dictated above all by a "speculative mania" that for their use as a convenient form of electronic payment.
Certainly quite conflicting statements, which however are certainly not isolated and which could be taken as a starting point for further speculations on the subject. What seems to be certain is that more and more central banks are putting the blockchain at the center of their aims. Will it work?
