Australia is not going to issue a digital currency

The Central Bank of Australia does not yet see any arguments in favor of issuing a state-owned CBDC.

Race fordevelopment of digital currencies of central banks(CBDC) is ongoing, but the Reserve Bank of Australia is not involved. The Central Bank treats the issue of such digital coins with caution and even with some skepticism.

In the notes for the August meeting of the CouncilBank payment system members noted that “there is currently no compelling public policy case in Australia for issuing digital funds, given that Australia's electronic payment system compares very favorably to other countries.”

The Reserve Bank of Australia (RBA) is confident that forThere are no reasons yet to replace cash circulation in the country. While the pandemic has resulted in a decline in the use and acceptance of cash, banks have “rationalized” the ATM fleet, and maintaining access to cash remains “essential”.

At the same time, the bank monitors global experience and progress and investigates its own technological and "political implications" of issuing CBDC.

Earlier this year, the bank said it “createda small in-house innovation lab to enhance communication and understanding of new technologies relevant to its policies and operational responsibilities. " Back in January, the central bank speculated that the digital currency could be issued through the blockchain platform.

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