Australian Central Bank Finds No Need to Issue its Digital Currency

October 14, 2020

Australian National Bank

The Australian National Bank finds no urgent need to issue its own central bank digital currency now, the top official stated on Wednesday. The head of payments policy at the Reserve Bank of Australia (RBA), Tony Richards, told the Cryptocurrency and Fintech conference, UWA Blockchain that his organization had evaluated retail CBDCs and sees no such strong public policy case for issuing a public use version of the Australian Dollar.


In any case, he didn’t limit the way that the bank may alter its perspective, later on, his gathering will keep on analyzing the benefits or worries on issuing a CBDC, he said. Further expressed that different contemplations incorporate the issues a potential retail CBDC would settle and what gives the introduction of such advanced money may make. 


In any case, the RBA is as yet assessing and exploring different avenues regarding the hidden innovation, he stated. In the event that another central bank chooses to launch a retail CBDC, there will be numerous central banks like us who will be intently viewing.


Central banks worldwide are looking CBDCs and whether it would make sense to make and issue a tokenized form of their public currencies. China is maybe the farthest along and is right now in the testing stage for the digital yuan. Different countries, similar to the U.S., are still in the beginning phases of deciding if a CBDC is even attractive.


The RBA looked at the number of factors that can help in developing a potential CBDC, incorporating the role of the central bank and private entities, if it will be token-based or account-based, if it can be utilized offline, whether the Australian CBDC will blockchain-based or distributer ledger platform, and what level of anonymity will be provided, according to Richards.

Image Courtesy : Pixabay


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