The Head of payment policy department at the Reserve Bank of Australia has recently stated that cryptocurrencies, in particular, bitcoin and other coins, failed to show their value as a savings means due to high volatility and hacks vulnerability.
In his message during the presentation in Sydney he said:
“Nine years after its launch and about five years since it entered the public consciousness, bitcoin continues to have structural flaws that make it unsuitable for many uses, many of which stem from its inefficient verification process.”
He also stated that the Central Bank considered neither launch nor application of any digital currency, citing that seeing the experience of other countries, the majority of banks in the developed countries do not focus on this segment.
The spokesperson of Australia's Reserve Bank noted that the new technology is being studied, though the benefits of the cryptos look doubtful.
A similar position has the Central Bank in New Zealand. The representative of the Reserve Bank of New Zealand said that it was unclear whether the launch of the crypto may bring heavy fruits.
"A breakdown in the financial system can cause enormous economic and social harm. We could not issue a digital currency if it might undermine financial stability,” commented Deputy Governor of the Reserve Bank in New Zealand Bascand during Auckland conference.
The spokesperson of New Zealand's Reserve Bank added that the new technolgoy is being studied, though the benefits of the cryptos look doubtful.