Australia does not approach the national crypto money project, whose work has been accelerated all over the world. Despite the digital central bank money (CBDC) news from many countries, Australia is choosing to approach digital currencies cautiously.
According to information from a local news source, the payment report released by the Reserve Bank of Australia (RBA) drew attention to the distant attitude towards digital central bank coins and fixedcoins. The RBA said in the report that cash demand has increased significantly during the pandemic process, and stated that Australian citizens will continue to provide access to banknotes as long as they wish.
Claiming that the country does not need a CBDC token right now, the central bank attributes this to the success of the country’s simultaneous payment system, New Payments Platform. New Payments Platform, launched by the Reserve Bank of Australia in 2018, to citizens; offers payment options with a fast, flexible and rich infrastructure. According to data obtained by Cointelegraph, Australian citizens, such as Swedes, cannot easily give up bills, although cash use has declined significantly in Australia.
Crypto Money Projects Are Also Examined In The Published Report
In its report, the Reserve Bank of Australia evaluated the countries that are currently developing digital central bank money and their conditions. In the report, it was mentioned that Sweden experienced a sudden decrease in cash usage and this process pushed the country to experiment with digital money. RBA said that the digital payment platforms widely used in the country are effective for China’s national digital currency project.
The Reserve Bank of Australia has taken a vague approach to digital currencies such as Facebook’s Libra project. According to the report, national digital currencies issued by central banks may bring many negative situations such as higher funding costs in transactions with commercial banks.