Australian Bank Official: Bitcoin is a Risky Investment

Tony Richards, the Reserve Bank of Australia’s (RBA) head of payments policy, has claimed Bitcoin a fascinating development but it is risky as it is not money
26 June 2018   1673

Though the RBA has been analyzing cryptocurrencies during 5 years, Richards hopes cryptocurrencies do not raise major concerns and are not significant threats to the bank since there is a rather small number of active people in the cryptocurrency community. While the cryptocurrency industry has a general market capitalization of $250 billion, Richards declared “to put this in context, the global equity market is valued at around $80 trillion and the global money supply is something around $15 trillion for currency and $90 trillion for broad money.”

Bitcoin and other cryptocurrencies are yet to establish themselves as reliable stores of value. This is most obvious in a comparison of the volatility of Bitcoin as opposed to national currencies like the Australia dollar. Using cryptocurrencies in Australia is just so trivial it doesn’t have an affect and I think we can assume that will be the case for a long time.
Tony Richards
Head of Payments Policy, RBA

Richards is fairly confident that the volatile nature of cryptocurrencies will prevent its mainstream adoption as a medium exchange, especially since there are more stable, trusted, and regulated fiat alternatives. He even underlined, while countries that were inclinated to financial disruption may apply cryptocurrencies, these cryptocurrencies are not being used in a similar manner to the US dollar.

What we have seen, is that countries with less developed financial infrastructure are more prone to disruption. But with cryptocurrencies, unless people want to transact and hold these cryptocurrencies, then they still have to get in and out of their domestic currency.
Tony Richards
Head of Payments Policy, RBA

He adverted that many states that do not trust their domestic currency use the US dollar instead of cryptocurrencies. He alerted others that Bitcoin and other cryptocurrencies are extremely risky investments and are not available as a mean of exchange. When Richard managed to find a Sydney cafe open to accepting Bitcoin, he pointed out that not many of them actually exist.

Monex Online Broker to Reward Shareholders With BTC

Crypto will not be received by all shareholders as an additional interest, but only those who have an account on the Coincheck
23 March 2020   123

The Japanese brokerage company Monex Group has announced that it will pay shareholders a small amount in bitcoins as an additional interest at the end of the fiscal year.

Cryptocurrency will not be received by all shareholders of the online broker, but only those who have an account on the Coincheck bitcoin exchange. In addition to the regular payments for the year, these shareholders will receive 500 yen (about $ 4.54) in bitcoins. The fiscal year in Japan ends March 31.

The company acquired Coincheck for $ 33.6 million in 2018, when the platform experienced serious financial difficulties after a massive $ 530 million hack. With the new owner, Coincheck received a license from Japan's financial regulator in January last year. Later, the exchange launched a platform for OTC cryptocurrency trading and announced a platform for conducting IEO.