Australia: Digital currencies set to transform the way Australians buy everything

ASIC Chairman Greg Medcraft has predicted, “a traditional bank account may be unnecessary within a decade as central banks around the world begin issuing their own Bitcoin-style digital flat currency.” Bitcoin is already slowly revolutionising the way consumers are transacting, since its debut nearly 10 years ago.

"A traditional bank account may be unnecessary within a decade as central banks around the world begin issuing their own Bitcoin-style digital flat currency."

There is always talk surrounding the future of transactions, and one hot topic is consumers having the option of depositing their money with a technology company rather than into a bank account.

With the federal government’s ‘Black Economy Taskforce’ handing down its final report within the next month, there is speculation on several topics, including reviewing the $100 note, cash payment limits, tracking chips, central-bank issued digital currencies, use of biometric data such as fingerprints and facial structures, targeting high risk sectors and greater consumer-focused action.

 

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