Cash could be phased out within a decade: ANU expert »

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 (ANU) Research School of Economics. "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 'AusBit', an Australian government issued digital cash." The move could herald a new era of digital money such as crypto-currency, which brings its own set of unique characteristics and challenges. "It's quite clear that the central bank in Australia is going to have to issue electronic cash," Professor Tourky said. "It's also going to have some issues that cash as we know it doesn't have, such as privacy, anonymity and the perhaps the emergence of anonymous markets.