Regulated and consumer-oriented private tokens, with proper oversight by their issuers, are better thannational digital currencies (CBDC). This was stated by RBA Governor Philip Lowe, writes Reuters.
During the financial G20 conference, an officialexplained that, unlike the state, the private sector is better at innovating and developing the functionality of tokens. The central bank will require "significant costs to create a CBDC," he added.
Lowe was joined by the head of the Monetary Authority of Hong Kong, Eddie Yue. He urged to carefully study the work of stablecoins to reduce the risks posed by DeFi protocols.
"DespiteTerra-Luna incident, cryptocurrencies and decentralized finance will not disappear. The technologies and innovations behind them will shape the future system.”- the functionary explained.
Recall that in June 2022, BIS called CBDC the basis of the monetary systems of the future.
Former Australian Finance Minister Josh Friedenbergannounced that the country will issue its own digital currency. Recall that the RBA is participating in the Dunbar project to test cross-border settlements at the CBDC under the auspices of the Bank for International Settlements.
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Read this:
BIS called for international cooperation in the development of CBDC
France and Switzerland start testing CBDC for international settlements
The Reserve Bank of India predicted the displacement of private cryptocurrencies CBDC
The ECB pointed to the dependence of the success of the digital euro on the degree of its adoption
The head of the Central Bank of Australia Philip Lowe: stablecoins are better than state digital currencies
Bank for International Settlements tested wholesale CBDC