HomeNewsAustralia's Cashless Drive: Rising Preference for Monero, ZCash, and Dash Stokes Fears...

Australia’s Cashless Drive: Rising Preference for Monero, ZCash, and Dash Stokes Fears Among Experts

- Advertisement -
  • Australia is steadfastly moving towards becoming a cashless society, leading to a rising emphasis on cryptocurrencies.
  • High-profile financial figures express reservations about the adoption of Central Bank Digital Currencies (CBDCs) due to associated risks.

Australia’s Digital Leap: Spotlight on Cryptocurrencies

Australia stands at the cusp of a digital monetary revolution, leading the way towards a cash-free society. The prevalence of physical cash is dwindling, as Australians increasingly favor digital wallets, contactless payments, and online banking—a clear indication of the global trend of digitalization sweeping through the country. This significant societal shift amplifies the importance of cryptocurrencies such as Bitcoin, as they offer decentralized, secure alternatives for conducting transactions.

- Advertisement -

Businesses and governmental bodies are acutely aware of this transformation, as evidenced by their active promotion of digital literacy and the implementation of advanced payment technologies. In this unfolding digital landscape, cryptocurrencies are not just relevant—they are essential. The potential of these digital assets to augment traditional banking systems is rapidly gaining acknowledgment, as is their capacity to foster financial freedom and inclusivity.

Concerns Over Central Bank Digital Currencies

While digital currencies gain traction, not all are embraced with equal enthusiasm. The conversation surrounding CBDCs is rife with cautionary sentiments, as some high-profile figures question their implementation.

Andrew Bailey, Governor at the Bank of England (BOE), for instance, pointed out that cryptocurrencies and stablecoins do not meet the essential criteria of singleness and settlement finality, hence, cannot be considered money. In his view, the CBDC represents an “enhanced digital money,” a variant that can incorporate broader executable actions, making it a versatile unit of currency.

- Advertisement -

John Reed Stark, a former official of the U.S. Securities and Exchange Commission (SEC), and currently the president of a cybersecurity firm, however, voiced a stronger objection. Stark described the creation of a CBDC as

>> Buy Monero quickly and securely with PayPal, credit card or bank transfer at eToro with low fees and deposit protection. Get started with XMR now. Visit Website <<

“the most absurd financial idea in the history of monetary policy.”

His concerns revolve around the numerous risks CBDC could bring to the financial system, the cost and availability of credit, and the efficacy of monetary policy.

As Australia transitions to a cashless society, the role of cryptocurrencies in the national economy is bound to expand. This development promises a broad spectrum of opportunities for crypto enthusiasts and investors. However, it also signals a need for rigorous discourse on the potential risks and rewards associated with the rising prominence of digital currencies, including CBDCs.

- Advertisement -
ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Jane Smith
Jane Smith
As a Bitcoin Journalist, I am dedicated to reporting the latest developments in cryptocurrency, with a particular focus on Bitcoin. Through extensive research and interviews with industry experts, I provide accurate and up-to-date information on the ever-evolving world of cryptocurrencies. My goal is to help readers stay informed and make informed decisions regarding their investments in this rapidly changing field.
- Advertisment -spot_img