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Royal Bank of Australia: ” Households might be less influenced by fads” … “CBDCs that could safely meet the needs”

> Households might be less influenced by fads and a fear of missing out and might start to pay more attention to the warnings of securities regulators and consumer protection agencies in many countries about the risks of investing in something with no issuer, no backing and highly uncertain value.

> If there were to be global policy action to deal with some particular concerns about the use of cryptocurrencies, plus the arrival of new stablecoins and CBDCs that could safely meet the needs of a wide range of users, existing cryptocurrencies might then have only niche use cases, at best. If so – and also reflecting that the relevant code is often open-source, publicly available and easily copied – it seems plausible that current valuations of many cryptocurrencies would not be sustained.

https://www.rba.gov.au/speeches/2021/sp-so-2021-11-18.html



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7 Comments

  1. Australia is in deep deep trouble. It should scare everyone how totalitarian that country has become in such a short time. This is suppose to be a Western nation with enlightenment principles of liberty, truth, and justice. That idea has completely died in Australia. Shit is getting serious when “quarantine” camps are being filled with involuntary political prisoners who dare to resist moronic and evil govt mandates. I hope the number of guns we have in america will ensure a different path than that. Because I’ve already carved out my hill to die on.

  2. Royal Bank? its the *Reserve* Bank of Australia. Sadly Australians are oblivious to speculative markets.. housing in the last year there went up 20% with no population increase. And prices have about doubled over around a decade. The Reserve Bank has done nothing about it (except hint to other regulators to do something), and they have slashed the cash rate to 0.1%. Australia is the home of the new wave of debt pushers with afterpay.. Reserve bank is too pussy to have some short term pain for some long term benefits and better price discovery and risk analysis in the population. The article complains about crypto (which is valid.. is a speculative shit show), but their monetary policy has been just pathetic pandering.

What do you think?

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