The RBA’s assistant governor has reiterated the view cryptocurrencies like Bitcoin have no place for making payments in the future.

Sky News Business Editor Ross Greenwood says Michele Bullock came out at a payments conference and effectively said she will not call Bitcoin cryptocurrencies because she “doesn’t believe that they’re currency”.

“Crypto assets is what she calls them and, so, as a result, she’s also saying not only are they highly volatile and people could lose money from them, but she doesn’t ever believe that they will have any part in terms of actual payments,” Mr Greenwood said.

“The one thing she does say though is that central banks themselves could issue their own stable coins as they’re sometimes called.”

Reserve Bank of Australia Governor Philip Lowe said the case for outsized interest-rate increases has “diminished.” Lowe also said the central bank will debate the merits of hiking by a quarter-percentage point or a half-point at its Oct. 4 meeting in response to Australian lawmakers’ questions in semi-annual testimony. (Excerpt)

Internal documents show a warning to Australia’s central bank on home prices may have led to the RBA breaking ranks with the international counterparts to slow the pace of rate increases. Swati Pandey reports on Bloomberg Television.
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The Reserve Bank is being tipped to lift interest rates for the eighth straight month at its final board meeting of the year.

An expected 25 basis point rise would take the cash rate to 3.1 per cent – the highest level in over a decade.