No Need To Worry From Bitcoin - Its Just A Lot Of Fuss : Reserve Bank of Australia.

No Need To Worry From Bitcoin - Its Just A Lot Of Fuss : Reserve Bank of Australia.

2021-02-05 | Selina Mathew

No Need To Worry From Bitcoin - Its Just A Lot Of Fuss : Reserve Bank of Australia.

The Reserve Bank of Australia has raised uncertain comments on Bitcoin [BTC] at a gathering of the House of Representatives Committee on Economics. In line with an official report by the Australian Financial Review on Friday, the central bank’s assistant governor for financial systems, Michelle Bullock, added that there’s “a lot of fuss over bitcoin.” The comments were a response to Queensland Liberal National Party member Julian Simmonds, who’d asked the assistant governor if the bank considered Bitcoin and cryptocurrencies as a financial risk.
“[Bitcoin] isn't a payment instrument and it’s not even real money,” added Bullock. “I think there's tons of fuss about it as a possible asset.”
Bullock explained that she didn’t see bitcoin volatility as a risk to the market – a view that was echoed by Reserve Bank Governor Philip Lowe.
“[Bitcoin] is a risk to investors but it's not a financial stability risk,” Lowe added.
Bullock added that issues being broadcasted more prominently revolved around the stablecoin law & regulation.
“Facebook is putting out Diem [formerly libra], there's tons of dialogue about this. We are engaged with other regulators about this,” explained Bullock within the report.
“With those kinds of coins nothing will happen until the regulators are not satisfied,” she warned.

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