RBA governor Michele Bullock has dismissed claims that cryptocurrency is an “alternative currency”, even as the price of bitcoin soars to a record high.
Reserve Bank governor Michele Bullock has poured cold water on cryptocurrency, saying it has no role in the Australian economy or payments system even as bitcoin rallies to new highs on the back of Donald Trump’s victory in the US presidential election.
“I don’t understand it,” she said. “But, you know, I don’t really see a role for it in, certainly in the Australian economy or payments system.”Trump has promised to make the United States the “crypto capital of the planet” with tech supporters such as Elon Musk strongly backing the move. “If I was the controller of the world’s reserve currency, and I could print as much of it as I wanted, and I had a budget deficit ... I’m not sure why I would want a strategic reserve of any currency, let alone one I didn’t control or understand,” he said at the forum.
The RBA’s most recent research into the nation’s payment system, released late last year, confirmed cryptocurrencies are not often used for traditional payments.Just 2 per cent of people surveyed had made a payment with a cryptocurrency in the past year, although 11 per cent said they held some form of cryptocurrency.
Treasurer Jim Chalmers said while the labour market was softening around the edges with more modest employment growth last month, it remained resilient. “The relative buoyancy of Australia’s labour market has provided a steadiness both to wages growth and the unemployment rate,” he said. “This steadiness in the labour market has also been a factor in the RBA’s decision-making process to keep the cash rate on hold now for the past 12 months.”
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