According to the head of payment policy at Australia’s central bank, Tony Richards, cash transactions are on a steady decline. Regardless, Richards says that cash is “still widely available and accepted” for transactions, suggesting that a CBDC is not yet needed.
Although the RBA isn’t ready, Richards says that the bank is looking into the possibility of a CBDC and the advantages it may bring:
“We will be continuing to consider the case for a CBDC, including how it might be designed, the potential benefits and policy implications, and the conditions in which significant demand for a CBDC might emerge.”
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