The RBA’s head of payments, Tony Richards, has questioned the validity of Dogecoin polls that show high adoption rates of cryptocurrencies.
He specifically referenced a recent Dogecoin poll that revealed that 5% of Australians possess the parody cryptocurrency Dogecoin.
According to Richards, such online surveys are likely to exclude older individuals and locations with inadequate internet access.
The RBA official cited the fact that the market value of the meme cryptocurrency hit an all-time high of $88 billion earlier this year as evidence of the market’s current position
No Threat To Australian Dollar’s
Despite the fast growth of cryptocurrencies, Richards does not feel they represent a danger to the Australian dollar since he does not expect they will become widely accepted as a payment method:
I don’t see stores publishing their prices in cryptocurrencies, organizations filing annual reports in cryptocurrencies or a large number of people requesting payment in cryptocurrencies.
Investors may become more aware of the hazards involved with cryptocurrencies, such as regulatory uncertainty, environmental damage, and criminal use cases, according to him.