Australia’s central bank still sees no case for digital currency

Representations of various virtual currencies are seen on a PC motherboard. Australia’s central bank, similar to its global counterparts, has been investigating the benefits and costs of new forms of electronic money as payments worldwide increasingly shift online. — Reuters

Australia’s central bank said it still doesn’t see a strong case to introduce a digital currency, given the nation’s current payments system was recently upgraded and meets the needs of most firms and consumers.

Reserve Bank payments policy chief Tony Richards used a speech on Oct 15 to summarise a recent research article that found no strong public policy case for a central bank digital currency – CBDC – for general use. The RBA will, however, continue to monitor developments in the field, he said.