Australia doubts CBDC is appropriate

Australia doubts CBDC is appropriate

  • Reserve Bank of Australia decided not to rush to issue digital currency

  • In 2016, the bank predicted the disappearance of cash

  • The bank’s position goes against the international trend

Australia doubts CBDC is appropriate

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The Central Bank of Australia sees no need to develop a digital asset due to the sufficient popularity of cash in the country

The Reserve Bank of Australia (RBA) sees no point in creating a central bank digital currency (CBDC) Notes and coins may be a thing of the past due to a new financial instrument – central bank digital currency (CBDC). As … More). Tony Richards, the head of the RBA payment policy department, said this at the “UWA Blockchain and Cryptocurrency Conference”.

According to Richards, the bank believes there is no compelling case for a public CBDC yet:

Australia doubts CBDC is appropriate

“Australian households and businesses have access to payment services that have evolved significantly in recent years to meet most needs.”.

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Also, according to Richards, there is no “obvious” evidence that CBDC can be a solution to specific problems or that digital currency will be in demand. Nevertheless, the central bank “will continue to monitor developments in this area,” Richards said..

Against the trend

The RBA’s position runs counter to the international trend, where even the Bank of Russia, known for its skeptical position on the digital asset market, initiated public consultations on the possible issue of a digital ruble.

It is noteworthy that back in 2016, Richards said that the Australian check settlement system would disappear by 2020. At the same time, the head of the central bank admitted that in the near future, cash could completely go out of circulation in the country..

Australia doubts CBDC is appropriate

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BeInCrypto previously reported that the European Central Bank (ECB) has officially entered the race to digitalize the economy. Public consultations on the issue of the digital euro began on October 12, and the final decision on the launch of the digital euro will be made in mid-2021.

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