Published
3 years ago on
September 17, 2020
- Many countries all around the world are looking into central-bank digital currencies as a potential project to look into in the future.
- China is effectively looking into its CBDC of the digital yuan and the Bank of England has even commented on it in the past.
Many countries all around the world are looking into central-bank digital currencies as a potential project to look into in the future. China is effectively looking into its CBDC of the digital yuan and the Bank of England has even commented on it in the past. The Bahamas have even looked into this initiative with great potential.
A local news report was released this week on the 17th of September that indicates that the reserve bank and its latest paper has taken cautious and sceptical steps in line for a CBDC.
The bank doesn’t believe that there is a strong policy case for issuing a CBDC in Australia which indicates the success of the efficient and real-time new payments platform the country has.
Interestingly enough, during the coronavirus pandemic, cash in many countries was something that people are trying to limit. In Australia though, use of cash was increasing according to the paper.
The bank has made it clear about the uncertain future for coins such as Facebook’s Libra too. Highlighting it remains to be seen whether the currency will gain any approval and become operational when it comes to regulation.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
