Bitcoin no deal: RBA

THE stability of the Aussie dollar means bitcoin is unlikely to be widely adopted Down Under, a senior Reserve Bank official says.

RBA head of payments policy Tony Richards, who has owned “a small amount of bitcoin” since 2014, says digital currencies outside the control of traditional institutions could have practical applications but probably not in Australia. Local usage is currently so limited that the Reserve Bank does not see it having any impact on monetary policy or the stability of the financial system, Dr Richards said yesterday.