Bank of Australia officials: will strengthen CBDC research, but is not yet convinced that there are policy cases - Aliens: AI Crypto News & Markets Updates






Bank of Australia officials: will strengthen CBDC research, but is not yet convinced that there are policy cases


Thu, Nov 18, 2021

Tony Richards, Head of Payment Policy for the Reserve Bank of Australia, stated at the Australian Corporate Finance Association that the Reserve Bank of Australia has been strengthening research on central bank digital currencies (CBDCs). However, he does not believe “that a strong policy case has emerged in Australia.” He said that Australia’s current payment infrastructure provides consumers with sufficient security and convenient choices. However, given the payment innovations around the world, providing a new form of digital currency may be important in “safeguarding confidence in national monies and the role of fiat currencies at the heart of monetary, financial and payment systems." It may also be the key to preventing large-scale technological monopolies.

In addition, the central bank is also working with the Council of Financial Regulators (CFR), the Australian Transaction Reporting and Analysis Center, and the Australian Competition and Consumer Commission to study stable currency regulation. The motivation is that stablecoins may soon play an important role in the transaction settlement of tokenized assets, or large-scale stablecoins with a focus on retail emerge. Richards said that if households start to listen to regulators instead of market hype, and policymakers crackdown on energy-intensive cryptocurrency mining or transaction anonymity as a criminal booster. The “speculative trend” surrounding cryptocurrencies may be reversed.

Source: CoinDesk

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