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“Even if one is quite skeptical of whether bitcoin will have a significant role in the economy in the future, I think it is hard to avoid some admiration for its design,”

Reserve Bank of Australia official Tony Richards thus addressed bitcoin and cryptocurrencies in general in a speech to the Australian Business Economists in Sydney on Tuesday.

Dr. Richards, the head of the bank’s payments policy department, claimed that the central bank has been following the developments in this technology for about five years and that he personally owns “a small amount of bitcoin” that he acquired inJune 2014.

“When a country doesn’t have a credible currency, then people might look for other ones” he said. “Whether those are cryptocurrencies or something like the US dollar is another issue, but we in Australia have a perfectly credible currency called the Australian dollar; we’ve had low and stable inflation for at least 25 years; and the likelihood that we’d have significant adoption of an alternative currency seems to be pretty low.”

In his speech , Dr. Richards assessed the proposition of bitcoin being a currency and highlights the problems faced by bitcoin which would prevent it from mainstream adoption.

He claimed that the volatility of bitcoin , which has seen a 70% decline since its peak in mid-December, inherently causes a high degree of market risk in holding it. He compared the volatility of bitcoin to that of the Australian dollar and stated that “bitcoin and other cryptocurrencies are yet to establish themselves as reliable stores of value”.

He mentioned the total transactions processed by the bitcoin network in December and compared that to the theoretical maximum transactions per seconds of the network. He spoke about how the number of unconfirmed transactions and subsequently the higher transaction fees undermine bitcoin’s legitimacy as currency.

“This episode points to the scalability and governance problems of the bitcoin system.” he said. “Bitcoin’s lack of a central governance structure has been a weakness in dealing with the capacity problem that results from the fact that the original protocol limits the block size to no more than 1 megabyte.”

He added:

“And there have also been many hacks of cryptocurrency exchanges and wallets over the past few years. That shows there is also a lot more risk in bitcoin intermediaries than there is in the supervised banks and financial institutions in which households can hold their Australian dollars.”

“Given all the interest in cryptocurrencies or private digital currencies, people have inevitably asked whether central banks should consider issuing digital versions of their existing currencies,” he continued.

ANZAC biscuits are a mix of coconut, oats, flour, sugar and golden syrup. They were reputedly sent by wives and care organisations to world war I soldiers in care packages, but the story is likely apocryphal. They are available from bakeries, cafes and supermarkets, and are popular in the lead up to ANZAC day (25 April).

Damper is a traditional soda bread that was baked by drovers and stockmen. It has basic ingredients (flour, water and perhaps salt) and usually cooked in the embers of a fire. It is not routinely available in bakeries and only commonly served to tourists on organised tours. Best eaten with butter and jam or golden syrup as it is dry and bland.

A Chiko roll is a deep-fried snack inspired by the egg roll or the spring roll. Despite the name, it contains no chicken. Its filling is boned mutton, vegetables, rice, barley, and seasonings. Its shell is thicker than an egg roll, meant to survive handling at football matches. Available anywhere you can buy fish and chips.

The Australian Meat Pie is considered to be the national dish by many. A variation is the pie floater from Adelaide which is a pie inverted in a bowl of thick mushy pea soup.

Cuisines widely available in Australia, often prepared by members of the relevant culture, include:

Eating vegetarian is available in Australia and many restaurants offer at least one or two vegetarian dishes. Some will have an entire vegetarian menu section. Vegans may have more difficulty but any restaurant with a large vegetarian menu should offer some flexibility. In large cities and in the coastal backpacker-friendly towns along the east coast, you will find vegetarian and vegan restaurants. The market town of Kuranda or the seaside towns of Obri Anne Klein azi3l3B
are a vegetarian's paradise. In other regional areas vegetarians are often poorly catered-for, but most towns will have a Chinese restaurant that will provide steamed rice and vegetables. Sydney and Melbourne in particular cater well for vegans and vegetarians with a lot of purely vegetarian restaurants, vegan clothing stores and vegan supermarkets.

Quick vegetarian options include:

More remote outback areas may have very few vegetarian options (lots of processed meat pies and little else), so it is worth packing some vegetarian supplies before you go.

People observing kosher or halal will easily be able to find specialist butchers in the capital cities, and will also find a number of restaurants with appropriate menus and cooking styles. Outside the capital cities, it will be much more difficult to find food prepared in a strict religious manner. Fast food chains often offer Halal certified meals in areas with high Muslim populations in Western Sydney and Melbourne.

Australian restaurants generally provide options for people with common allergies such as nuts and seafood. Ask the waitstaff if in doubt.

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Stocks: 15 minute delay (Bats is real-time), ET. Volume reflects consolidated markets. Futures and Forex: 10 or 15 minute delay, CT. Market Data subject to terms of use and privacy policy . All Rights Reserved. User agreement applies.