The Reserve Bank may decide to recommend parliament legislates introduction of a digital Australian dollar for household payments within the next five years, according to Tony Richards, the chairman of the central bank-backed Central Bank Digital Currency steering committee.
The decision would reverse the RBA’s current policy position of seeing no strong case for a CBDC, following Thursday’s announcement that 14 banks and fintechs had been selected to explore potential use cases and economic benefits for a digital dollar.
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Tom Richardson writes and comments on markets including equities, debt, crypto, software, banking, payments, and regulation. He worked in asset management at Bank of New York Mellon and is a member of the CFA Society of the UK as a holder of the Investment Management Certificate. Connect with Tom on Twitter. Email Tom at tom.richardson@afr.com
