Australia, New Zealand Central Banks Don’t Plan to Issue Own Cryptos

The central banks of Australia and New Zealand denied they would issue their own cryptocurrencies June 26, in a speech calling Bitcoin “fascinating” but “inefficient.”

Addressing the Australian Business Economists in Sydney, Tony Richards, head of the Reserve Bank of Australia’s (RBA) payments policy, appeared hawkish on cryptocurrency as Australia’s government devotes considerable funds to blockchain research.

“It’s not a high priority for us, but it’s something we’re continuing to work on,” he said about the bank issuing its own token.

“We are particularly looking at the aspect of whether or not a central bank digital currency for B2B use might be valuable.”

Australia’s 2018-19 budget earmarked over half a million dollars for blockchain, Cointelegraph reporting earlier this month that cryptocurrency users meanwhile continue to feel the pinch from authorities cracking down on investment activities.

Richards himself gave a mixed impression of Bitcoin, criticizing its network while showing appreciation for how it operated…

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