Today, the central banks of Australia and New Zealand published information that they do not intend to issue their own cryptocurrencies in the near future, as this could damage their established systems.
Tony Richards, head of payments policy at the Reserve Bank of Australia (PBA), said bitcoin and other cryptocurrencies had failed to prove their value as stores of value due to their high volatility and vulnerability to cyber attacks.
Speaking in Sydney, he said: "Nine years have passed since the launch of Bitcoin and about five years since its emergence into the public consciousness, and yet Bitcoin still has a huge number of structural flaws that make it unsuitable as a store of value."
“The RBA does not and has not had plans to create or use any digital form of money. Based on interactions with our partners in other countries, we can say that this is not a priority for most central banks of advanced economies,” he added.
The Reserve Bank of New Zealand (RBNZ) says its staff are studying the new technology, but they doubt that cryptocurrencies can bring meaningful benefits.
“Cryptocurrencies have made significant progress in the payments industry, which is great, but the Reserve Bank is not here to explore the benefits of cryptocurrencies - we have our own currency and our own financial system, which needs development.”
The wild fluctuations in the price of cryptocurrencies and the fear that many people could use them for illegal activities and as a way to evade taxes have attracted the attention of global politicians. In March, G20 financial leaders agreed to begin supporting cryptocurrency regulations. But, in fact, they have only begun to apply single rules for certain areas due to the complexities of a multilateral approach.
Most central banks are wary of cryptocurrencies and say they have no plans to issue their own digital currencies. Yesterday we wrote that a similar statement was made by the Director of the Board of the Swiss Central Bank, Thomas Moser.
According to uk.reuters.com
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