The Reserve Bank of Australia announced today that the central bank will not be making any decisions on a digital currency (CBDC) for several years due to some issues that arose at the end of the pilot project with the digital currency.
Reserve Bank Says Australia's CBDC Is Probably A Few Years Away
In a way, the report said, “CBDC can be seen as a complement to private sector innovation rather than a replacement.”
“Given the many issues that have yet to be resolved, any decision regarding a CBDC in Australia is likely to be several years away,” the report said. He was warned not to leave.
The Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Center (DFCRC) launched the research project last year.
In a way, the report states, “CBDC can be seen as a complement to private sector innovation rather than a replacement.”
The findings reveal that an Australian CBDC could support offline electronic payments and enable smarter payments or complex transactions that would be more affordable and less risky.
However, the report focused on the need for further research due to a number of legal, regulatory, technical and operational issues.
“The design decisions required to effectively support the various needs for privacy and data sharing are difficult, and the technologies to implement these requirements in a single CBDC platform are also complex,” the report said. it was said.
*Not investment advice.