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Australian reserve bank still monitoring development for a local CBDC 

Australian reserve bank still monitoring development for a local CBDC 

Quick take

1 minute read

  • The Australian reserve bank has just announced it’s still looking into research for a central bank and digital currency less than a month after they clean there was no actual need for one. 
  • The bank further went on to say that it is looking into the possibility of a more targeted “wholesale” CBDC.

The Australian reserve bank has just announced it’s still looking into research for a central bank and digital currency less than a month after they clean there was no actual need for one. The bank further went on to say that it is looking into the possibility of a more targeted “wholesale” CBDC.

Tony Richards, head of payments policy at the reserve bank recently spoke at the University of Western Australian blockchain, cryptocurrency and financial technology conference where he said the following:

“We will be continuing to consider the case for a CBDC, including how it might be designed, the potential benefits and policy implications, and the conditions in which significant demand for a CBDC might emerge.”

The payments policy Head went on to talk about the public policy case when it came to issuing a general reason or retail CBDC in Australia. 

According to reports that came out earlier this year in September, the bank was extremely sceptical about this topic and did not believe there was a strong enough reason for developing or issuing a CBDC at the time. 

That being said, Richard goes on to highlight that the bank has an open mind when it comes to this asset class and they will continue to look into developments in this area as he went on to say:

“If some jurisdictions do move towards full implementations of CBDC, there will be many central banks like us who will be closely watching.”

 

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