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AFR: RBA international talks on ‘central bank digital currency’
14 July 2021
The Reserve Bank of Australia is talking with other central banks about the viability of a “central bank digital currency” for retail use, but is maintaining its long-held view that a convincing policy case for digital versions of paper money has not yet been established.
The RBA said it was closely monitoring developments around stablecoins, private digital money linked to the value of a fiat currency. Its submission refers to the diem coin proposed by Facebook and looming issuance of a retail digital yuan in China.
But, consistent with a speech by governor Philip Lowe in 2017 in which he described bitcoin as a “speculative mania”, the RBA said it “does not consider that a policy case has yet emerged for issuing a CBDC”.
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