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Australia 'Risks' Falling Behind as RBA Governor Rejects Crypto's Financial Role

Author: Content Editor
The Governor of the Reserve Bank of Australia, Michele Bullock, criticized cryptocurrency at a recent forum, stating that it has no role in the country's economy. Bullock referred to digital assets like Bitcoin as an asset class rather than a currency and expressed skepticism about their use in the Australian payments system. Industry leaders warned that Australia's conservative stance on crypto could have long-term consequences for its position in the global financial arena. However, a report indicates that nearly 27% of Australians are interested in owning cryptocurrencies as a long-term investment. In contrast, the US is pivoting towards embracing crypto, with President-elect Donald Trump promising to make the US the "crypto capital of the planet." Despite regulatory caution, the demand for crypto in Australia is growing, as shown by plans to launch the country's first spot Ethereum exchange-traded fund. Industry experts believe that Australia should embrace the potential of blockchain and cryptocurrencies to capitalize on their technologies.

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