Bitcoin not considered a reliable store of value or viable payment system, says RBA Governor.
RBA Governor Michele Bullock expressed skepticism about the role of Bitcoin in Australia’s payment system and economy. She stated that Bitcoin may not serve as a strategic reserve and does not have the stability or speed of other payment methods.
Bullock emphasized that Bitcoin’s value is not guaranteed and transactions can be slow due to the ledger’s functioning. She asserted that Bitcoin lacks the infrastructure to be a payment system and is not widely accepted as a store of value.
Furthermore, Bullock mentioned that the RBA does not have a strong opinion on Bitcoin compared to other cryptocurrencies and does not see it as essential to the payment system.
Regarding regulatory measures for protecting crypto investors, Bullock stated that the RBA does not have the authority in that area, and suggested ASIC and AUSTRAC as relevant authorities.
RBA Assistant Governor Brad Jones highlighted government proposals for regulating digital exchanges and potential licensing for stablecoins, under consideration by the Treasury.
In contrast, the United States recently established a Bitcoin reserve, similar to its gold reserves, following a Trump administration executive order. The government is exploring ways to leverage the stockpile of 200,000 Bitcoin tokens for long-term preservation.
