RBA says CBDC decision is likely ‘some years away’
Australian central bank says a CBDC might improve payments system but also questions its necessity
The Reserve Bank of Australia (RBA) said any decision on issuing a central bank digital currency (CBDC) is likely “some years away”, following a pilot study.
From March to July, the RBA allowed selected financial institutions to test 16 use cases for a digital currency using a CBDC prototype. The prototype had a real legal claim on the central bank.
Australia’s payments system is currently meeting most end-users’ needs, the RBA and the Digital Finance Co-operative Research Centre said in a
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