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​Bitcoin will keep out the mainstream payment system - RBA Confirmed

2019-06-21 12:04 pm | Resource: News Section | No Views : 53

​Bitcoin will keep out the mainstream payment system - RBA Confirmed The Reserve Bank of Australia said Bitcoin (BTC) and other currencies would remain out of the mainstream payment system, in an exclusive article released Thursday (June 20th).
The RBA, "Cryptocurrency: Ten Years On," appears to be celebrating the last decade of BTC's existence, while acknowledging distrust of its future beyond specialist assets.
The report said:
"Despite some recognition of names, digital currencies are not widely used in various payments."
The report added:
"This article discusses why Bitcoin does not become a payment method anywhere in Australia, and summarizes how subsequent digital currencies sought to address some of the BTC's shortcomings, such as volatility and scalability."
The Australian government continues to be heavily risked to digital currencies in general and chooses to warn consumers of perceived risks while adopting a strict tax policy and data collection.
In April of this year, the country's tax agency, the Australian Taxation Office (ATO), said it would seek records from digital currency exchanges in order to conduct individual checks on users when necessary.
Earlier this month, it appeared that investigators were carrying out 12 cross-border operations focused on avoiding taxes on digital currencies.
For his part, Deputy Commissioner of the Australian Taxation Office, Will Day, said at the time, saying:
"At the Australian level, there is definitely a legitimate use of digital currency investment, but we also see it used to facilitate tax crimes."
The RBA's article appears to paint a less optimistic picture, defending the Australian dollar as a preferred alternative to digital currencies.
The researchers concluded:
"As long as the Australian dollar continues to provide a reliable, low-inflation store, and the payments industry continues to work on the efficiency, effectiveness and flexibility of the Australian payment system, it is difficult to imagine Bitcoin or other digital currencies competing in this market offer a convincing proposition that would lead to its use Widely in Australia. "

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