As governments around the world clamor to vote for and against matters related to cryptocurrency, Australia settles on solid middle ground. Many Western and Asian countries are seeing a lot of pushbacks against mainstream use of cryptocurrencies. Unlike India’s central bank RBI (Reserve Bank of India) who recently called for an aversive ban on cryptocurrency, the governor of the Australian central bank has opined some interesting facts.
Philipe Lowe shared his ideas on cryptocurrency’s future at a meeting with G20 finance leaders at Bali, Indonesia. He asserted that official intervention and regulation is required over the crypto industry from the government’s side. The Australian crypto ecosystem is currently waiting for a clearer framework of policies to be formulated on crypto-related matters and blockchain tech. Lowe advocates for the government’s efforts in developing and delivering the same to overcome and prevent against potential threats. Interestingly however, he has said that the fintech required for crypto-related services can be produced best by private players.
Lowe believes that allowing private companies to provide the tech needed to carry out crypto operations would be beneficial to the government and citizens for many reasons. He has advocated for this over Australia’s centrally operating bank taking up the same. It would lead to a great reduction in expenditure on part of the bank. Moreover, private players would be more intimately-acquainted with the tech needed to power blockchain.
He also talked about the far-reaching effects that DeFi and stablecoins are having on the international map of finance following the recent crashes. He called for a combined effort from both the private realm and the government’s part to counteract the uncertainties of the crypto markets. All this was discussed keeping in mind the fluctuating backdrop against which the international crypto industry has been running lately.
