Official Australian Statement ETH poses no threat to the financial system

Tony Richards, an Australian official who owns Ethereum, claims the second largest cryptocurrency poses no threat to the financial system after a recent Senate report called for an amendment to the law on crypto, so read more on today’s Ethereum News.

Richards’ comments were made during a videoconference this week, and according to him, as the Australian official of the Reserve Bank of Australia’s payments department, cryptocurrencies pose no threat to central bank operations. The bank official, who admitted having a crypto wallet in 2014, saw the cryptocurrency does not pose a threat to the Australian dollar. Richards says:

“I don’t see them as a threat to the Australian dollar or our monetary sovereignty or the Reserve Bank’s ability to conduct monetary policy. I can’t see any stores posting their prices in crypto, or companies writing their annual reports in crypto, or many wanting to get paid in crypto. While cryptocurrencies have undoubtedly caught the attention of many, fueled by influencers and celebrity tweets, it remains unclear how popular they are.

He does not think such estimates are reasonable because online surveys do not cover all segments of the population, but he has commented on people who do not visit the World Wide Web very often. . Richards also said that he has had a crypto wallet since 2014 and emphasized that the amount in the wallet is quite small:

“After all, part of my job is understanding new payment tools and technologies.”

Richards added a number of other factors that together can weigh heavily on the current rapidly growing adoption rate, which is best reflected in the surge in meme coins like Shiba Inu and Dogecoin. According to him, mining cryptocurrencies can attract even more government attention due to its high energy consumption, and more care needs to be taken to prevent the use of cryptocurrencies in power generation.

Richards added that retail investors will be less affected by fads and more cautious about investing in assets with no support or real value. The Australian official noted that while most economies are considering central bank digital currency, no plans have been finalized. Earlier this month, Australia’s largest bank announced that it would offer cryptocurrency trading services through a smartphone app after partnering with Gemini and Chainalysis.

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