Australian Central Bank Sees ‘No Strong Public Policy Case’ for CBDC

The Reserve Bank of Australia is continuing to explore how to design and operate a CBDC. The Reserve Bank of Australia has revealed it’s continuing to research a central bank digital currency (CBDC) less than a month after stating that there was no need for one.The RBA also revealed it is considering the possibility of a more targeted “wholesale” CBDC.Speaking at the University of Western Australia Blockchain, Cryptocurrency and Fintech Conference, Tony Richards — the Head of Payments Policy at the RBA — stated: “We will be continuing to consider the case for a CBDC, including how it might....

India’s central bank, the Reserve Bank of India (RBI), says a basic central bank digital currency (CBDC) model must be adopted initially and tested comprehensively to minimize the impact on the country’s monetary policy and banking system. The Indian apex bank sees several benefits in launching a digital rupee, including “a potential to enhance the efficiency of cross-border payments.” RBI Outlines Benefits of Issuing Digital Currency and How to Launch a CBDC With Minimal Impact The Reserve Bank of India (RBI) released its “Report on Trend and Progress of....

Bank Indonesia, the country’s central bank, is reportedly considering issuing a central bank digital currency (CBDC) to fight the use of cryptocurrency. “A CBDC would be one of the tools to fight crypto. We assume that people would find CBDC more credible than crypto,” said an assistant governor of the central bank. Central Bank Sees CBDC as Tool to ‘Fight Crypto’ Juda Agung, an assistant governor of Bank Indonesia, the country’s central bank, talked about cryptocurrency and central bank digital currency (CBDC) during his parliamentary “fit....

Amid the global CBDC race, the Canadian central bank does not currently see a strong case for issuing a state digital currency. The Bank of Canada does not see a strong reason for issuing a central bank digital currency, or CBDC at the moment.Timothy Lane, the Bank of Canada’s deputy governor and head of research at the bank’s fintech and crypto department, spoke on CBDC issues at a Wednesday panel, Reuters reports.According to the official, the Canadian central bank is now focused on CBDC implementations in more concrete terms, thinking about how it might work and look. However, the Bank....

“A key opportunity where CBK sees potential value is the use of CBDC in facilitating cross-border transactions," the announcement reads. The Central Bank of Kenya (CBK) has published a discussion paper on its central bank digital currency (CBDC), seeking public input on the potential benefits and risks and regulatory issues of introducing a CBDC in Kenya.In a statement, the CBK has highlighted that using a CBDC might improve cross-border payments by making them more efficient and less expensive. The regulator says that CDBC solutions can flatten the multi-layered correspondent banking....