RBA Digital currency tested by CBA and ANZ


Staff member
Rating - 100%
11   0   0
Digital currency tested by CBA and ANZ as the RBA seeks to stave off threat of cryptocurrency

The real-world viability of non-physical forms of currency are being explored as the RBA tests new digital payments with e-AUD.

A new form of digital money could be introduced for businesses and consumers in Australia as Commonwealth Bank and ANZ work with the Reserve Bank to test its merits.

Research has been undertaken by the RBA into a possible central bank digital currency (CBDC), which it said could be designed for retail use ? a digital version of banknotes ? or for wholesale use.

The currency, according to the RBA, would serve as digital banknotes, having previously been referred to as ?e-AUD?.

The RBA said CBDC could support the policy objectives of banks like safeguarding public trust in money and promoting efficiency, safety, resilience and innovation in payment systems and financial market infrastructures.

More: https://www.news.com.au/finance/economy/australian-economy/digital-currency-tested-by-cba-and-anz-as-the-rba-seeks-to-stave-off-threat-of-cryptocurrency/news-story/41e91355f462c607ce489b3aef359ffa
ozcopper said:
as the RBA seeks to stave off threat of cryptocurrency

I don't think they fully understand the threat.

The reason people are attracted to cryptocurrency is the same reason silver and gold is attractive. Limited supply. Something the e-AUD won't offer.