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The Australian Reserve Bank warns local investors away from meme-coins

Industry News

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The Australian Reserve Bank keeps its finger on the pulse of local investment tendencies and aims to protect local investors who stake on meme-coins (Dogecoin and SHIBA INU mainly).

Tony Richard, the RBA chairman who heads the payments policy department, highlighted main trends and crypto tendencies dominating in the market: “The recent boom of meme-coins is explained by the fact that the crypto market is currently driven by influencers and their tweets; meanwhile, the industry is becoming more mature.”

Richard ensures the community that politicians and experts will get the reins of “crypto government” in the nearest future.

The head of the RBA explains the interest in cryptocurrencies by the fact that Australia is among the countries with the highest rate of crypto investors. According to the Reserve Bank, about 20% of Aussies are crypto holders. Furthermore, 5% of Australians hold Dogecoin, the top-rated meme-coin.

Richard’s interview was criticized by the head of Blockchain Australia, Steve Vallas: “Regulators prefer to focus on the speculative side of the industry, keeping the infrastructure built by the crypto sector out of the sightline.”

At the moment of writing, Dogecoin and SHIBA INU occupy the two neighboring positions of the crypto ranking – the 10th and 11th respectively. Both digital assets underwent explosive growth in 2020-21. Dogecoin skyrocketed by 3 214%, and SHIB – by 437 000%.

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