The Reserve Bank of Australia (RBA) and Treasury have released a report on central bank digital currency (CBDC). It summarises the research done so far and explains how it has shaped their current view on CBDC in Australia. The report also outlines a three‑year plan for future work on digital money.
Findings
The report finds that there is no strong case for a retail CBDC in Australia at this time. Australia’s current payment system is working well and meets people’s needs.
Other countries that have introduced or are considering a retail CBDC are motivated by factors that don’t apply as strongly in Australia. However, the RBA and Treasury are open to revisiting this as more is learned about the benefits and costs, both globally and domestically.
Possible benefits
The report also explores how a wholesale CBDC could help improve Australia’s financial markets. It could work with other forms of digital money and infrastructure upgrades to make wholesale markets more efficient.
For more information, read the full report.