The Reserve Bank’s Assistant Governor, Michelle Bullock says there is “a lot of fuss over Bitcoin”

At a meeting of the House of Representatives Standing Committee on Economics, the Reserve Bank of Australia has stated some dismissive comments on the top cryptocurrency, Bitcoin. As per the reports by the Australian Financial Review on Friday, Michelle Bullock, the assistant governor for the financial systems of the bank stated that there is “a lot of fuss over bitcoin.” 

The comments of the bank were in response to the Queensland Liberal National Party member, Julian Simmonds, who asked the assistant governor, if the bank considered Bitcoin and other cryptocurrencies as a financial risk. Michelle Bullock said that, 

“[Bitcoin] is not a payment instrument and it’s not even really money. I think there is a lot of fuss about it as a potential asset.”

Michelle said that she does not see Bitcoin’s volatile nature as a risk to the market. This view was echoed by the Reserve Bank governor Philip Lowe. Philip said, 

“[Bitcoin] is a risk to investors but it’s not a financial stability risk.”

Bullock observed that the issues that were broadcasted frequently, revolved around stablecoin regulation. Bullock said in a report that, 

“Facebook is putting out Diem [formerly Libra], there is a lot of discussion about this. We are engaged with other regulators about this.” 

She also warned that,

“With those sorts of coins, nothing will happen until the regulators are happy.”

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