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2020-10-14

Australia: a change of direction on the national CBDC?

The Reserve Bank of Australia has revealed that it continues its research into the digital central bank currency (CBDC) less than a month after it was found to be unnecessary.

The RBA also revealed that it is considering a more targeted "wholesale" CBDC.

While Bitcoin and other crypto currencies are based on public blockchain, this will not necessarily be the case for the CBDC, which can be developed using a permitted and centralized digital book.

The RBA is also looking at a number of factors that could help shape a potential CBDC, continued Richards, such as whether it would be account-based or token-based, and whether it could be used offline.

In addition to monitoring the work of the central bank in relation to the retail CBDC, research is being conducted into the technological and political implications of a potential wholesale CBDC that would be available to a more limited number of financial entities.