While other countries may be placing central bank digital currencies — also known as CBDCs — at the top of their agenda, Australia could buck the trend.
According to a local news report on Sept. 17, the Reserve Bank of Australia’s latest payments paper has taken a cautious and sceptical line toward CBDCs as well as private-sector stablecoins.
The RBA does not believe there is currently a strong policy case for issuing a CBDC in Australia, pointing to the success of the country’s efficient, real-time New Payments Platform.
Moreover, while the use of cash for transactions is broadly declining, Australians are not relinquishing banknotes as quickly as other citizens, as for example, are the Swedes.
Amid the COVID-19 pandemic, demand for cash actually saw a significant uptick, the paper stated. RBA has therefore pledged to continue to provide access to banknotes “for as long as Australians wish to keep using them.”