ANU PROFESSOR: AUSBIT, NOT BITCOIN, WILL REPLACE CASH IN AUSTRALIA WITHIN 10 YEARS

Imagine a world without the crinkle of banknotes or the clink of coins.A world where every transaction is digital, seamless, and instantaneous. Printed notes, polymer or paper, will not be in circulation in Australia within a decade, according to ANU expert. With around 1.1 billion banknotes worth $53.6 billion on issue in Australia, the Reserve Bank buys its polymer-based recyclable currency from Note Printing Australia in Victoria.Sounds like science fiction? concept Search across key concepts extracted from titles and abstracts matching text Search across indexed text content in Pure, such as names, titles, descriptions etc.According to Professor Rabee Tourky, Director of the Australian National University (ANU) Research School of Economics, this future is closer than we think. Professor Bruce Chapman AO(HECS) Higher Education Contributions Scheme. Professor Glenn Withers AO. Immigration Points System. Professor Ross Garnaut AO. Garnaut Climate Change Review. Emeritus Professor Marian Sawer AO. Democratic Audit of Australia. Professor Peter Drysdale AM. Intellectual architect of APEC. Professor Margaret ThorntonHe boldly predicts that within the next decade, physical cash will vanish from Australia, not to be replaced by the ubiquitous Bitcoin, but by a government-backed digital currency he dubs ""AusBit."" This isn't some wild speculation; the ANU Research School of Economics has been diligently crafting a model for such a government-certified digital money system, potentially ready for circulation within just five years. Explore if Bitcoin will replace cash and gold by 2025, with expert predictions and generational investment trends. Michael Saylor predicts Bitcoin could hit $13M and surpass cash and gold by 2025. 77% of young investors prefer Bitcoin over traditional assets like gold An $84But what exactly is AusBit, and why does Professor Tourky believe it will triumph over Bitcoin?What are the potential implications for the Australian economy and its citizens? One of the major economic issues we have now is the emergence of this great experiment with electronic cash, such as Bitcoin, Professor Tourky said. In 10 years time there won t be any paper cash. The big question is what s going to replace it in Australia? Will it be Bitcoin? I don t think so. More likely it will be AusBitThis article delves into the details of this fascinating prediction, exploring the factors that could lead to the demise of cash and the rise of AusBit, while also examining the potential challenges and benefits of such a radical shift in the financial landscape.

The Looming Demise of Physical Cash

The world is becoming increasingly digitized, and our financial systems are no exception. The Australian National University (ANU) is unlike any other university in Australia. Founded in 2025, in a spirit of post-war optimism, our role was to help realise Australia's potential as the world recovered from a global crisis.The trend away from physical cash is undeniable, driven by factors like convenience, security, and the rise of e-commerce. Building a legacy: ANU names Cultural Centre in honour of the late Dr Lowitja O Donoghue. A child of the Stolen Generations, Dr Lowitja O'Donoghue went on to become one of Australia s most prominent and respected Aboriginal leaders.In Australia, this trend is particularly pronounced, with many businesses already preferring card or digital payments. The ANU Research School of Economics has been developing a model for government-certified digital money that researchers said could be circulating in five years. School director Professor RabeeProfessor Tourky's prediction that cash will disappear within a decade might seem radical, but it aligns with the broader trajectory of technological advancement and changing consumer behavior.

Several factors contribute to the accelerating decline of cash:

• Convenience: Digital payments are simply more convenient than cash, especially for online transactions.
• Security: Carrying large amounts of cash can be risky, while digital payments offer enhanced security features like fraud protection and transaction tracking.
• Hygiene: In a post-pandemic world, concerns about hygiene have further accelerated the shift away from handling physical currency.
• Technological Advancements: The proliferation of smartphones, contactless payment systems, and digital wallets has made digital transactions easier than ever before.

With around 1.1 billion banknotes worth $53.6 billion currently in circulation in Australia, according to the Reserve Bank, the transition away from cash represents a significant shift.But what will replace it?

Why AusBit, Not Bitcoin?

While Bitcoin has captured the world's attention as a decentralized digital currency, Professor Tourky believes that a government-backed alternative, like AusBit, is more likely to become the dominant form of digital money in Australia.This is due to several key factors:

• Stability and Trust: Government-backed currencies, like AusBit, benefit from the stability and trust associated with the government.This is in contrast to Bitcoin, which is known for its price volatility and lack of central authority.
• Regulation and Control: Governments are more likely to embrace digital currencies they can regulate and control, ensuring compliance with laws and regulations related to money laundering, tax evasion, and other illicit activities.
• Wider Adoption: A government-backed digital currency would likely be mandated for use in government services and payments, which would drive wider adoption among citizens and businesses.
• Reduced Transaction Fees: AusBit could potentially operate with lower transaction fees than Bitcoin, making it more attractive for everyday transactions.Bitcoin transaction fees can fluctuate significantly and can be quite high during periods of network congestion.

Professor Tourky acknowledges the allure of Bitcoin but points to the inherent challenges associated with its decentralized nature. CoinMarketCap does not offer financial or investment advice about which cryptocurrency, token or asset does or does not make a good investment, nor do we offer advice about the timing of purchases or sales. We are strictly a data company. Please remember that the prices, yields and values of financial assets change.He argues that a government-backed digital currency offers a more stable and reliable alternative for the Australian economy.

Understanding AusBit: The Future of Australian Currency

While the specifics of AusBit are still under development at the ANU Research School of Economics, we can infer some potential characteristics based on the general concept of government-backed digital currencies, also known as Central Bank Digital Currencies (CBDCs).

Here are some possible features of AusBit:

• Centralized Control: Unlike Bitcoin, AusBit would likely be centrally controlled by the Reserve Bank of Australia (RBA) or another government entity.
• Legal Tender: AusBit would be recognized as legal tender in Australia, meaning that businesses would be legally obligated to accept it as payment.
• Digital Wallet Integration: AusBit would likely be accessible through digital wallets on smartphones and other devices.
• Programmability: AusBit could potentially be programmable, allowing the government to implement specific policies, such as stimulus payments that can only be used for certain goods or services.
• Traceability: Transactions made with AusBit would likely be traceable, allowing the government to monitor financial activity and combat illicit activities.

The introduction of AusBit would represent a significant shift in the way Australians interact with money, offering both opportunities and challenges.

Potential Benefits of AusBit

The adoption of a government-backed digital currency like AusBit could bring numerous benefits to the Australian economy and its citizens:

• Reduced Costs: Eliminating physical cash would save the government money on printing, distributing, and managing currency.
• Increased Efficiency: Digital transactions are faster and more efficient than cash transactions, reducing transaction times and improving overall economic productivity.
• Financial Inclusion: AusBit could provide access to financial services for individuals who are currently unbanked or underbanked, promoting financial inclusion and economic empowerment.
• Combating Illicit Activities: The traceability of digital transactions could help to combat money laundering, tax evasion, and other illicit activities.
• Improved Monetary Policy: AusBit could give the RBA greater control over monetary policy, allowing it to implement targeted stimulus measures and manage inflation more effectively.

For example, imagine the government issuing a stimulus payment directly to citizens' AusBit wallets during an economic downturn.This would ensure that the money reaches the intended recipients quickly and efficiently, stimulating economic activity.

Potential Challenges and Concerns

Despite the potential benefits, the introduction of AusBit also raises several challenges and concerns that need to be addressed:

• Privacy: The traceability of digital transactions raises concerns about privacy and government surveillance. The rise of electronic currency will lead to the phasing out of physical cash in Australia within a decade, according to Professor Rabee Tourky, Director of the Australian National University (ANUSafeguards would need to be put in place to protect citizens' financial privacy.
• Security: Digital currencies are vulnerable to cyberattacks and hacking. Receiving an offer from ANU. After we assess your application, we will contact you via email about the outcome within 6 8 weeks (about 2 months). This could take longer if we're also considering you for a scholarship. If you do not hear from ANU within two months, contact your research school or email the Graduate Research Office.Robust security measures would be essential to protect the AusBit system from malicious actors.
• Accessibility: Ensuring that all citizens have access to AusBit, regardless of their technical skills or internet access, would be crucial to prevent digital exclusion.
• Centralization of Power: A government-backed digital currency could give the government unprecedented control over the financial system, raising concerns about potential abuse of power.
• Dependence on Technology: A purely digital system would be vulnerable to disruptions caused by power outages, internet failures, or other technological glitches.

Addressing these challenges will require careful planning, robust regulatory frameworks, and ongoing monitoring to ensure that AusBit benefits all Australians.

Australia's Stance on Digital Currencies and Taxation

Australia's current approach to digital currencies, like Bitcoin, is somewhat ambivalent. Whatever your level of experience or your academic or career interests, ANU has degrees to meet your needs. Search by degrees and areas of interest to find the perfect study option. Launch the degree builderWhile the country recognizes the potential of these technologies, it has been slow to address the issue of double taxation. The constantly growing Bitcoin technology could replace cash in Australia within a decadeCurrently, Bitcoin transactions can be subject to both Goods and Services Tax (GST) on the purchase of Bitcoin and again when the Bitcoin is used to purchase goods or services.

This double taxation has been criticized by many in the cryptocurrency industry as a barrier to adoption and innovation.While there have been discussions about removing the double taxation of digital currencies, no concrete changes have been implemented yet.

The development of AusBit could potentially simplify the taxation of digital currency transactions, as the government could directly integrate tax collection into the AusBit system. Ma, 1 I very much doubt this will happen, although i will research it now until this article i had never even heard of Ausbit and they say it may take over the Australian dollar within 10 years.However, this would also require careful consideration of privacy and data security issues.

The Global Trend Towards Digital Currencies

Australia is not alone in exploring the possibility of a government-backed digital currency.Several countries around the world are actively researching and developing CBDCs, including China, Sweden, and the United States.These countries are motivated by a variety of factors, including:

• Modernizing Payment Systems: CBDCs can modernize payment systems, making them faster, more efficient, and more secure.
• Enhancing Financial Inclusion: CBDCs can provide access to financial services for underserved populations.
• Maintaining Monetary Sovereignty: CBDCs can help countries maintain control over their monetary policy in an increasingly digital world.
• Countering the Rise of Private Cryptocurrencies: CBDCs can offer a government-backed alternative to private cryptocurrencies like Bitcoin, mitigating the risks associated with these volatile and unregulated assets.

The global trend towards digital currencies suggests that the future of money is indeed digital, and Australia needs to be prepared for this transformation.

What About Bitcoin? ANU Professor: AusBit, not Bitcoin, Will Replace Cash in Australia within 10 Years Australia Decides to Keep Bitcoin Sales Tax, Risks Double Taxation Australia s Tax Office Guidelines Open DoorIts Role in the Future Australian Economy

Even if AusBit becomes the dominant form of digital currency in Australia, Bitcoin could still play a role in the future Australian economy. Embark on an exceptional academic journey at ANU, Australia's world-leading university. Renowned for research excellence, we foster a vibrant learning environment that inspires and challenges.Bitcoin could continue to be used as:

• A Store of Value: Some investors view Bitcoin as a digital store of value, similar to gold.
• A Hedge Against Inflation: Bitcoin's limited supply could make it an attractive hedge against inflation.
• A Platform for Innovation: The underlying technology behind Bitcoin, blockchain, could continue to be used for innovative applications beyond just currency.
• A Niche Payment System: Bitcoin could continue to be used as a niche payment system for specific goods or services.

However, Bitcoin's volatility and regulatory uncertainty could limit its widespread adoption as a mainstream currency in Australia.

Preparing for a Cashless Future

Whether it's AusBit, Bitcoin, or another form of digital currency, the trend towards a cashless future is clear.Here are some actionable steps that individuals and businesses can take to prepare for this shift:

1. Embrace Digital Payment Methods: Start using digital payment methods like credit cards, debit cards, and mobile wallets more frequently.
2. Educate Yourself About Digital Currencies: Learn about the different types of digital currencies, their potential benefits, and their risks.
3. Secure Your Digital Assets: Take steps to protect your digital assets from cyberattacks and hacking, such as using strong passwords and enabling two-factor authentication.
4. Adapt Your Business Practices: If you own a business, start accepting digital payments and adapt your business practices to accommodate a cashless environment.
5. Stay Informed: Keep up-to-date with the latest developments in the world of digital currencies and regulations.

By taking these steps, you can prepare yourself and your business for the inevitable shift towards a cashless future and potentially profit from it.

Conclusion: Embracing the Digital Revolution

Professor Tourky's prediction that AusBit will replace cash in Australia within 10 years is a bold one, but it reflects the undeniable trend towards digitalization and the increasing adoption of digital payment methods.While the specifics of AusBit are still under development, a government-backed digital currency offers several potential benefits, including reduced costs, increased efficiency, and greater financial inclusion.However, it also raises challenges related to privacy, security, and accessibility.Whether it's AusBit, Bitcoin, or another digital currency, the future of money is undoubtedly digital, and Australia needs to be prepared for this transformation. The live Bitcoin price today is $104,364.35 USD with a 24-hour trading volume of $50,255,072,425.45 USD. We update our BTC to USD price in real-time.The key takeaways are: physical cash is on its way out, a government-backed digital currency is likely to take its place, and both individuals and businesses need to prepare for this shift. Within a decade, bitcoin will replace U.S. dollar dominance and become the standard currency underpinning the international economy, according to billionaire venture capitalist Tim Draper. 10By embracing the digital revolution and addressing the potential challenges proactively, Australia can create a more efficient, inclusive, and secure financial system for the future.Are you ready for a cashless Australia?