Reserve Bank of Australia (RBA) Governor Michelle Bullock recently offered an outspoken critique of crypto, saying digital assets such as Bitcoin have no role in the Australian economy.
“Don't call it an alternative currency,” Bullock said. he said. Thursday at the Australian Securities and Investments Commission's (ASIC) annual forum. “It is not currency, it is not money; It is being used as some property class. I see no role for it in the Australian economy or payments system.
The governor's comments come as the world's largest crypto gathers. Almost Last week, $100,000 was driven in part by Donald Trump Reelection And a possible change in US crypto regulation.
Industry leaders are warning that such a conservative attitude could have long-term consequences for Australia's place on the global financial stage.
BTC Markets CEO Caroline Bowler said Governor Bullock's assertion that “digital assets like Bitcoin are not money” but some kind of asset class reflects a common view that misses the big, transformative potential of cryptocurrencies and blockchain technology. Statement b Decrypt. “I believe a more thoughtful approach is needed.”
Australia's reluctance to embrace crypto-based innovation “endangers” the country's ability to lead the global digital economy, Bowler added.
ASIC chairman Joe Longo echoed Bullock's concerns in the forum, dismissing the recent increase. Bitcoin Prices as a classic example of the “Biggest Stupid Theory”.
Despite the skepticism of Australian regulators, a Finder.com.au According to the report, around 27% of Australians are interested in holding cryptocurrencies, seeing them as a long-term investment rather than a speculative asset.
As Australia grapples with bureaucratic skepticism, the US is veering in the opposite direction. US President-elect Donald Trump has pledged to make the country the “crypto capital of the planet,” sparking discussions around the creation of Systematic Bitcoin backup To deal with the national debt.
“The growing interest in Bitcoin and the rise of digital assets represents a global shift in the way we view value and exchange,” Bowler said. “Cryptocurrencies are becoming a legitimate form of exchange in popularity and purpose beyond our borders. The question is not if, but how Australia will embrace this evolution.
Despite regulatory caution in Australia, the local market is growing in demand for digital assets. Monochrome asset management announced Seeking to capitalize on growing investor interest, it plans to launch Australia's first Ethereum exchange-traded fund (ETF) on Cboe last month.
Bowler sees this as a clear indication that interest in crypto consumption is strong among Australians.
“Crypto is not a dirty word,” Bowler said. “It represents a fundamental shift in the way we view value, ownership and financial transactions.”
By embracing this change and promoting open dialogue, the Reserve Bank of Australia and other regulators have positioned the country to capitalize on blockchain and cryptocurrency technologies, she says.
Edited by Sebastian Sinclair
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