The Australian central bank sees no need to issue its own retail digital currency just yet, a top official said Wednesday.
Tony Richards, head of payments policy at the Reserve Bank of Australia (RBA), told the UWA Blockchain, Cryptocurrency and Fintech conference that his agency had evaluated retail central bank digital currencies (CBDCs) and found “no strong public policy case” for introducing a general use version of the Australian dollar.
“Even though the use of cash for transactions is declining, cash is still widely available and accepted as a means of payment,” he said. “In addition, Australian households and businesses are well served by a modern, efficient and resilient payments system that has undergone significant innovation in recent years, including the introduction of the New Payments Platform, which is a real-time, 24/7 and data-rich electronic payments system.”
Still, he did not discount the fact that the bank might change its mind in future: his group