RBA official raises concerns over CBDC

Central bank proceeding with pilot despite potential drawbacks

The RBA at night
Photo: RBA

A senior official at the Reserve Bank of Australia said the central bank has been “wrestling” with the question of why Australia would need a central bank digital currency (CBDC).

Brad Jones, assistant governor, made the remark at an event in Sydney today (March 1), while also outlining the central bank’s plan to run a CBDC pilot in April.

Jones said the launch of a CBDC could facilitate bank runs if people could move their bank deposits into their CBDC accounts without limit during stressed

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