Reserve Bank of Australia President Tony Richards announced at a meeting with Australian economists and businessmen on Tuesday in Sydney that the RBA is very interested in the events and developments of Bitcoin since 2013 and that he personally has a portfolio of many coins.

He added that the central bank is still looking at the idea of ​​relying on Bitcoin in particular and the rest of the other currencies to form a second currency for the country in partnership with the US dollar.

He also added that “when a country does not have a reliable currency, people may look for other currencies.” He offered that the Australian dollar is not bad or volatile, and that an alternative currency is not being seriously searched for, but he only made it clear that Bitcoin occupies a good place in the ranking of electronic currencies.

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The head of the Central Bank continued that Bitcoin has a high-risk nature and that its range of volatility is greater compared to the US dollar, which is undeniable, but it has not proven itself as a reliable store yet.

And that these steps would not have happened had it not been for the fact that the bitcoin transaction rate reached good rates during the past years, and the high number of users of this currency.

Richards also explained the negatives in the Bitcoin currency, such as the presence of what he called the risks that make the country’s dependence on virtual currencies very difficult, as well as the difficulty of subjecting financial transactions to the Australian Central Bank and the lack of government supervision over them.

Also, the ceiling for the number that Bitcoin can reach is only 21 million Bitcoin units, which makes the state less dependent on it because countries have more than the equivalent of this number.He added that the Australian Central Bank is planning to issue another digital currency that does not have the flaws found in Bitcoin.

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He suggested the possibility that all countries would create their own electronic currency in the medium term, and was also optimistic about the success of the currency to be issued, due to the low rate of cash transactions and the amazing reliance on electronic transactions. It is noteworthy that Australia is one of the leading countries in the fields of digital and cryptocurrency trading, and Bitcoin is widely used among individuals.