The Reserve Bank is growing more confident that it can create a new digital version of the Australian dollar to save banks and other participants in financial markets billions each year by streamlining the settlement of transactions.
However, it remains sceptical about digital cash for consumers. It is concerned that savings would be withdrawn from banks if they could be deposited into a digital wallet overseen by the central bank.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
