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Michele Bullock - Governor of the Reserve Bank of Australia said:...
The Payments System Board recently refreshed its strategic priorities given the changes in the payments system and the regulatory landscape. These were set out in the Payment System Board's 2023 Annual Report.
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The fourth priority is to enhance cross-border payments. Australia is working with other G20 countries to make cross-border payments cheaper, faster, more transparent and more accessible. One key initiative is standardizing the messages associated with cross-border payments - what information is mandatory for such payments, what is optional and how it is presented in the message. ... The aim is to implement these requirements globally by 2027. ...
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Our fifth strategic priority is to shape the future of money in Australia. This year, we completed a research project that explored the potential use cases for a central bank digital currency (CBDC). Building on this, we are now planning a project that will examine how different forms of digital money and infrastructure could support the development of tokenized asset markets in Australia. ...
We are also continuing to work closely with the Treasury in exploring the policy case for a CBDC in Australia. We expect to release a joint paper in mid-2024 that will take stock of the CBDC analysis in Australia so far and lay out a roadmap for future work.
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