A new Australian version of Bitcoin - Reserve Bank chief flags the creation of a new crytocurrency
- Reserve Bank of Australia reveals it is designing digital currency for Australia
- Billionaire Tesla chief Elon Musk last month invested $US1.5billion in Bitcoin
- One Bitcoin is now worth $A80,000 after surging to a record high $US60,000
The Reserve Bank is working on an Australian version of Bitcoin.
The crytocurrency invented in 2008 is so popular one Bitcoin is now worth $A80,000.
The price of Bitcoin this week surged past the $US60,000 mark for the first time ever, after billionaire Tesla chief Elon Musk revealed he had bought $US1.5billion worth of the digital currency.
He also declared he would be accepting it as payment for his electric cars.
![The Reserve Bank is working on an Australian version of Bitcoin. The crytocurrency invented in 2008 is so popular one Bitcoin is now worth $A80,000](https://i.dailymail.co.uk/1s/2021/03/15/05/40478864-9362521-image-a-25_1615787762771.jpg)
The Reserve Bank is working on an Australian version of Bitcoin. The crytocurrency invented in 2008 is so popular one Bitcoin is now worth $A80,000
With investors increasing turning to an alternative money, Reserve Bank of Australia governor Philip Lowe said Australia could one day have its own version of a digital currency.
'Another example where technology and data are opening up new possibilities is in the area of digital currencies,' he told the Melbourne Business Analytics Conference on Monday.
'The RBA is conducting research on the technologies and policy implications of a potential wholesale central bank digital currency.'
Dr Lowe said the big banks in future could exchange money via a new digital currency instead of doing transactions in Australian dollars.
'This could use distributed ledger technology to support the settlement of transactions in the inter-bank payment system,' he said.
The Reserve Bank's in-house Innovation Lab is working on a concept.
![The price of Bitcoin this week surged past the $US60,000 mark for the first time ever, after billionaire Tesla chief Elon Musk revealed he had bought $US1.5billion worth of the digital currency. He also declared he would be accepting it as payment for his electric cars](https://i.dailymail.co.uk/1s/2021/03/15/05/40478860-9362521-image-a-26_1615787777033.jpg)
The price of Bitcoin this week surged past the $US60,000 mark for the first time ever, after billionaire Tesla chief Elon Musk revealed he had bought $US1.5billion worth of the digital currency. He also declared he would be accepting it as payment for his electric cars
'We look forward to sharing more details in due course,' Dr Lowe said.
The Reserve Bank's Bank and the Payments System Board want to design a digital currency for both the public and private sectors.
Bitcoin isn't without its risks with Mr Musk losing his status as the world's richest man following a $US15billion in one day.
![With investors increasing turning to an alternative currency, Reserve Bank of Australia governor Philip Lowe said Australia could one day have its own version of a digital currency](https://i.dailymail.co.uk/1s/2021/03/15/05/40478884-9362521-With_investors_increasing_turning_to_an_alternative_currency_Res-m-28_1615787840933.jpg)
With investors increasing turning to an alternative currency, Reserve Bank of Australia governor Philip Lowe said Australia could one day have its own version of a digital currency
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