Philip Lowe, the governor of the Reserve Bank of Australia, remains skeptic about Libra. He believes that Libra’s biggest potential advantage, mainstream use, might not be attainable in the near future.
Lowe has never hidden his negative views towards cryptocurrencies and he implied that Libra might just be a long way away for the near future.
In his Q&A session, Lowe stated:
“There is a lot of water under the bridge before Libra becomes something that we use all the time.”
He went into detail about the endless regulatory hurdles that Facebook needs to go over. Mainstream use can only be discussed after there’s a strong business case.
Mainstream use of cryptocurrencies has to have support, not open hostility
This is also not the first time that Lowe publicly speaks against cryptocurrencies. Back in 2017, he attracted a lot of criticism when he said that bitcoin’s bull run is nothing more than a “speculative mania”.
He also explained why bitcoin would supposedly never see mainstream use in Australia.
“We have a very, very efficient electronic payments system. It allows all of us to make bank payments in less than 5 seconds just via a phone number.”
Electronic payments however, won’t save Australia from its impending housing market crash. A lot of Australian people refuse to believe the depth of the problem. Lowe, interestingly enough, is one of the biggest denialists about Australia’s housing market situation.
Anti-crypto politicians seem to be completely oblivious to blockchain projects, which have the potential to solve their countries’ greatest problems in less than a decade. The housing crisis in Australia only seems to be getting worse and many blockchain projects could be used to quickly start repairing the already accumulated damage in 5 to 10 years.
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Tags:anti-crypto politiciansAustralian housing crisisBlockchain SolutionsLibra mainstream usePhilip Lowe Libra