The Reserve Bank of Australia has confirmed that it will allow bitcoin to be used as a form of payment, and is considering whether to accept the cryptocurrency in future.
The announcement comes just hours after the bank’s chief economist, Ben Williams, said that the central bank was looking at issuing a digital currency for payments.
“As a matter of fact, we are actually doing research on whether or not to do that,” he said on Wednesday, according to The Australian Financial Review.
“It’s a process that we are looking at at this point.”
In a blog post, Williams said that his research was based on the assumption that the value of a bitcoin would continue to increase, and that the Reserve Bank was currently looking at whether to use it as a payment method.
“We do not yet know the value at which a bitcoin will become a valid form of payments, but our current assumption is that it would increase over time,” he wrote.
“Bitcoin is a digital commodity and it can and will increase in value in value, so we need to be looking at the value that it has in the future.”
The Reserve Bank said that it was not looking to regulate bitcoin as a commodity, but said that “at some point” it would consider doing so.
“Currently, the Reserve Banks approach to digital currencies is one that encourages the use of digital currencies as a means of payment,” the bank said in its announcement.
“While we recognise the potential benefits that digital currencies have for many users, we have to be mindful that these benefits do not extend to the public sector or to the broader economy as a whole.”
This is because digital currencies may not operate in a manner that is compatible with our economic and monetary policy objectives.
“Williams said that he was not aware of any other banks who had accepted bitcoin as payment.”
A spokesperson for the Australian Bureau of Statistics (ABS) told the publication that it had no information to provide about the number of banks that accept bitcoin as cash.””
I don’t know about the rest of the world.”
A spokesperson for the Australian Bureau of Statistics (ABS) told the publication that it had no information to provide about the number of banks that accept bitcoin as cash.
“At this time the ABS does not track the number and types of businesses accepting bitcoin as an alternative to cash,” the spokesperson said.
“However, in the past, there has been a significant increase in the number, and type, of businesses using digital currencies in Australia.”
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