The Reserve Bank of Australia has revealed it’s continuing to research a central bank digital currency (CBDC) less than a month after stating that there was no need for one.
The RBA also revealed it is considering the possibility of a more targeted “wholesale” CBDC.
Speaking at the University of Western Australia Blockchain, Cryptocurrency and Fintech Conference, Tony Richards — the Head of Payments Policy at the RBA — stated:
“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.”
Richards added that the public policy case for issuing a general purpose or retail CBDC in Australia is still to be made. According to reports in mid-September, the RBA was highly skeptical and did not believe there was a strong policy case for issuing a CBDC at the time.
Richards added that