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25 September 2020

No need for central bank digital currency in Australia says Reserve Bank

No need for central bank digital currency in Australia says Reserve Bank


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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.

Canada envisages two scenarios in which CBDC issuance could become advantageous — a collapse in cash use for everyday transactions, or threats to monetary policy from the circulation of a private-sector digital currency.

Loss of deposit funding could push commercial banks to rely on funding from equity and capital markets to a greater extent

RBA claimed that “in the presence of a CBDC, a run on the banking system as a whole would become feasible; if depositors had concerns about the entire financial system, they could seek to make large-scale transfers of commercial bank deposits into CBDC.” 

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