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Regulators explained why they will not create a national crypto currency

Representatives of the authorities believe that such a tool will not be in demand.

27.Jun.18 2:26 AM
By Shawn Highstraw


Regulators explained why they will not create a national crypto currency
Officials of several countries believe that the crypto currency can have a positive impact on the economic situation only if it is supported by the state. In this regard, the authorities even consider the possibility of launching national virtual currencies. However, not all regulators see a sense in implementing such projects. For example, the head of the payment policy department of the Reserve Bank of Australia, Tony Richards, expressed the opinion that such a tool would simply not be in demand.

The expert said that the agency he represented was not interested in creating state-supported digital assets. According to him, most of the world's central banks do not plan to launch national crypto-currencies.

Tony Richards also recalled the numerous shortcomings of bitcoin that would prevent him from getting more widespread. To the disadvantages of virtual currency, he attributed high commissions, problems of system management and queues from unconfirmed operations. For this reason, the head of the regulator stressed, bitcoin will not be able to compete with traditional payment systems.

The same holds for the position of the Governor of the Reserve Bank of New Zealand, Jeff Baskand, who believes that digital assets can not guarantee stability.

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