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Bloomberg
Australia is keeping an open mind on a central bank digital currency, a senior Reserve Bank official said, while adding it remains to be convinced there’s a case for one in a country with easy financial and cash access.
RBA Assistant Governor Brad Jones laid out the pros and cons of a CBDC in a speech in Sydney, saying a digital currency could enhance the resilience of the money and payment systems, particularly as disruptions from extreme weather events become more common.
“And cyber-induced disruptions represent a universal risk from which Australia is not immune,†he said.
Australia’s eastern seaboard has been hit by wild storms and flooding this year and climate scientists warn these events will become more common in a rapidly warming world.
He pointed out that 60% of Australia’s banking system funding is from low-cost deposits.