Reserve Bank of Australia still researching the CBDC it says it doesn’t need

Reserve Bank of Australia still researching the CBDC it says it doesn’t need


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:

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“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

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