Financial regulators in Australia and New Zealand will not issue their own digital currency

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2018-06-27
Financial regulators in Australia and New Zealand will not issue their own digital currency

In the near future, financial regulators in Australia and New Zealand will not consider the possibility of issuing their own digital currency. Among the major reasons – low market demand for digital financial tools. This was stated by Tony Richards, the head of payment policy department of the Reserve Bank of Australia.

He claims that his agency does not seek to release a new form of electronic money.

“Such an instrument is not mandatory in the modern financial system. Contacting counterparties in other countries allows us to assert that this issue is not a priority among most central banks in advanced economies, “he stressed, adding that even widespread use of electronic money will not” influence the bank’s competence in the matter of financial stability “.
In addition, Richards attributed to the number of “structural drawbacks” of bitcoin high commissions, queues from unconfirmed transactions, problems of scalability and management of the system of the first cryptocurrency.

“Cryptocurrencies in the context of key aspects of money should be a means of accumulation, a means of exchange and a unit of payment. But these drawbacks make bitcoin uncompetitive over traditional payment methods, such as Visa, “he explained.
In turn, the Governor of the Reserve Bank of New Zealand, Jeff Baskand, also referred to the fact that the digital currency can not be stable, and its advantages for central banks have not yet been established.

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