Dogecoin Statement from Australia’s Senior Official!

Dogecoin continues to hold its value despite numerous dips and often takes the stage in the discussion of what is truly valuable in the crypto market. Tony Richards, a Reserve Bank of Australia official, recently rejected the meme coin. In Australia, Dogecoin is very popular and 4.1% of the population is known to be meme coin investors. Richards’ concerns are as follows…

Does not see crypto as a threat

Speaking at an online conference on Thursday, Richards pointed out that cryptocurrencies do not pose a threat to the Australian dollar or monetary sovereignty and the Reserve Bank’s ability to conduct monetary policy. Acknowledging the growing popularity of crypto in the country, the Reserve Bank official cited the lack of daily use as an argument against adoption. But Richards points out the following shortcomings:

I don’t see stores that post their prices in cryptocurrencies, or companies that do their annual reports in cryptocurrencies, or many people who want to get paid in cryptocurrencies.

How does Dogecoin fit the argument? Richards, whose explanations we have quoted as Dogecoin, also mentioned the growth of crypto coins, which he finds lacking in use cases, apart from meme coins that gained so much value in such a short time. He explained that the market capitalization of dog-themeds has helped growth, noting that a cryptocurrency that started out as a joke and which was of no use has reached a market cap of $88 billion.

As for a survey that pointed to the rapid adoption of cryptocurrencies in the country, Richards stated that these findings are implausible. The surveys did not cover significant segments of the population, such as the elderly, and were conducted online, except for those living in rural areas without regular internet access. This is why Richards thinks it doesn’t give the correct result:

While cryptocurrencies have caught the attention of many, fueled by unsuspecting influencers and famous tweets, it’s unclear how widespread they are.

However, the Reserve Bank official revealed that he has a crypto wallet that he has owned since 2014, stating that “part of my job is to try to understand new payment instruments and technologies.” He added that the Reserve Bank of Australia will work to ensure citizens have access to safe forms of money they can trust for years to come.

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