Preparations are up for Australia's CBDC pilot initiative, with the release of a white paper rallying the industry to explore use-cases of digital fiat and how it can transform the finance sector.
The Reserve Bank of Australia is looking to press ahead with its CBDC adoption plan; however, it is eyeing to limit it to wholesale transactions as it further studies use cases of digital assets.
The Reserve Bank of Australia said the project would essentially evaluate the economic benefits and risks of launching a central bank digital currency in the country.
A senior executive at the Reserve Bank of Australia tore into digital currencies in a recent speech, saying that CBDCs and regulated stablecoins will end them.
Reserve Bank of Australia has announced plans for a CBDC proof-of-concept; the bank says the project will be finished by the end of the year.
Australia’s digital payments systems are adequate for the citizens’ needs, according to Tory Richards, head of payments policy at the Reserve Bank of Australia.
The Reserve Bank of Australia is reportedly skeptical of the benefits of CBDCs, and is also concerned about private stablecoins.
The head of Reserve Bank of Australia’s payments policy has not left any optimism on the chances of BTC being adopted in the real world.
Tony Richards, head of the payments policy of the Reserve Bank of Australia, said cryptocurrencies gained minimal pickup in Australia, and it’s likely to stay that way for a while.
