Australia Commits To Develop Digital Currency (CBDC)
The Reserve Bank of Australia (RBA) is pursuing to develop digital currency (CBDC) and digital money. The digital currency is currently being focused on wholesalers to settle transactions online. The CBDC for wholesale will be used by banks across the country, including financial institutions. The digital currency for retailers ( general public ) will not be issued first as the focus remains on the wholesale sector. Also Read: Why Are ASEAN and Asian Currencies Rising Against The US Dollar? “I can confirm that the RBA is making a strategic commitment to prioritize its work agenda on wholesale digital money and infrastructure, including wholesale CBDC, rather than retail CBDC,” said Brad Jones, the Assistant Governor of the Reserve Bank of Australia to Reuters. “It also recognizes the stabilizing role of central bank money in the settlement of wholesale market transactions. Particularly in markets that are systemically important, a point emphasized in international standards,” said Jo...