Conservative stance from the Reserve Bank of Australia (RBA)
• RBA Governor Michele Bullock at the Australian Securities and Investments Commission (ASIC) annual forum asserted that digital assets like Bitcoin have no role in the Australian economy.
• She believes that $BTC and other cryptocurrencies are just an investment asset, not a currency or legal payment system.
Concerns from experts
• Caroline Bowler, CEO of BTC Markets, disputed this view, arguing that the Australian government's conservative stance could cause the country to miss out on opportunities to lead in the global digital economy.
• Bowler stressed that crypto represents a major shift in how we perceive value, ownership and financial transactions, and called for a more open approach from regulators.
Australian Market and People Still Interested in Crypto
• A report from Finder.com.au shows that 27% of Australians are interested in owning cryptocurrencies, seeing it as a long-term investment rather than a speculative one.
• Despite government skepticism, market demand is growing. Monochrome Asset Management has announced plans to launch Australia's first ETF $ETH on the Cboe exchange to capitalize on investor interest.
Compare with the US
• While Australia remains cautious, the US is moving strongly with the support of President-elect Donald Trump.
• Trump pledged to make the US the “crypto capital of the world,” even discussing creating a strategic Bitcoin reserve to tackle the national debt.
• This shows a global trend as crypto is increasingly recognized as a mainstream method of value exchange.
Warning from experts
• If Australia does not quickly catch up, the country risks being left behind as other major economies tap into the potential of blockchain and cryptocurrencies.
• Bowler believes that crypto is not a negative issue, but an opportunity for Australia to transform and take advantage of technology to develop the economy.
Conclude
Australia needs a more flexible and open policy towards cryptocurrencies to promote technological innovation and compete in the global digital economy. Being slow to adopt crypto could cause the country to miss out on great opportunities in the future.
