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Australia: Cryptocurrency unlikely for retail payments, Facebook or not

Thursday, June 20, 2019 by Piyush Suthar | Comments

Home News Tech Australia: Cryptocurrency unlikely for retail payments, Facebook or not

The world is still processing the specifics of Facebook‘s Libra digital currency, but even the Reserve Bank of Australia (RBA) has realized it’s set to rub cryptocurrency purists the wrong way. In a whopping 5,800-word paper published earlier today, four RBA analysts argued there’s “little likelihood of a material take-up of cryptocurrencies for retail payments in Australia in the foreseeable future,” reports the Sydney Morning Herald via AAP. To the RBA, cryptocurrencies suffer from a “scalability trilemma,” a trade-off that inevitably sees a digital asset fail in one of three areas: scalability, security, or decentralization. “As long as the Australian dollar continues…

This story continues at The Next Web

Or just read more coverage about: Facebook

Authored by Piyush Suthar
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