Reserve Bank of Australia governor Philip Lowe thinks bitcoin is mostly attractive to criminals and speculators but has acknowledged there could one day be an electronic Aussie dollar based on similar technology.

Dr Lowe on Wednesday said unregulated cryptocurrency was attractive to black market operators and that the central bank was not convinced the time was right to issue an electronic dollar to operate in tandem with physical banknotes.

But a blockchain-based so-called eAUD could eventually lead to more efficient, lower-cost business processes and payments, Dr Lowe said.

To read more, please Login or Register below

Problems, questions, feedback? Please call +61 8 9288 2100