Australia to focus on wholesale digital currency

As an immediate priority, the central bank will start a new project with industry on wholesale CBDC and tokenised commercial bank deposits, assistant governor Jones said. — Bloomberg

CANBERRA: The Reserve Bank of Australia (RBA) says it will focus on the possible use cases for a wholesale central bank digital currency (CBDC), given the modest likely benefits and potential complications from a retail variant.

A retail CBDC would create “non-trivial challenges” for financial stability and monetary policy implementation, assistant governor Brad Jones said in the text of a speech in Melbourne yesterday.