Local Lightning Ridge businesses are leading the change in technology in an unexpected way, with various cafes and stores electing to offer cryptocurrency as a form of payment. 

Cryptocurrency - a relatively new virtual currency - has remained prominent since the growth of the Bitcoin (a cryptocurrency type), yet it's complicated and unregulated characteristics have up til now meant that they haven’t been heavily featured in mainstream markets, let alone brick and mortar stores in rural NSW. 

The Lightning Ridge Trading Post adopted the use of cryptocurrency type The People’s Reserve (TPR) in October 2021, after a local businessman approached her to increase the community’s uptake of the new currency. 

Trading Post owner Therese Irwin said that since joining, she’s made around seven sales to people who used the cryptocurrency as a way of payment.

“There’s a lot of people in town that are actually on it. So the more people that get on board, I suppose the more services that we can exchange coins in between ourselves,” Ms Irwin said.

In Lightning Ridge, two other local cafes have already gotten on board, where they can get paid a percentage of the coin (depending on the worth of their product and the coin at the time, which is anchored to the current price of gold) and then use that coin in other places throughout the community which accept the currency. 

There are approximately 20 people in the community who use it on a daily basis. 

Ms Irwin said that since getting aboard the cryptocurrency train, it has become more and more apparent to her that it is the currency of the future. 

“It’s the way that the world’s going, eventually they all want to go cashless anyway. It’s definitely handy to have on the side and start building up a bit of a bank for that when it all happens,” Ms Irwin said. 

Eventually, it is her hope that the Lightning Ridge community will be able to trade services and business throughout the community using the coin. 

When asked about risk, Ms Irwin said that like anything, a small amount of wariness is probably wise, but she continues with cautious optimism.

“I think it’s going to do well, but with anything there’s always risks,” she said. 

“I was always very skeptical about all of this digital stuff, I thought it’s all too confusing…but this is the way it’s going, this is the future. You might as well jump on it now rather than later and think ‘oh no!’.

Cryptocurrency itself isn’t regulated by the Australian Securities Investments Commission (ASIC), meaning that owners may not be protected if the platform fails or is hacked, an element that contributes to hesitancy around its uptake in Australia. 

A 2021 review into the digital asset market identified the need for better regulation of cryptocurrency.