Australia’s Central Bank Unveils 3-Year Wholesale CBDC Program
Australia's Central Bank Sets Course for Wholesale CBDC
The Reserve Bank of Australia (RBA) has officially announced the launch of a 3-year program aimed at developing a wholesale Central Bank Digital Currency (CBDC). As detailed in a speech delivered on September 18 at the Intersekt Fintech event, the RBA has explicitly stated that it will not be pursuing a retail CBDC in the near future.
Strategic Focus on Wholesale CBDC
By concentrating solely on wholesale applications, the RBA aims to explore the potential benefits of a CBDC designed for large-scale transactions and settlements between financial institutions.
- Enhancing payment efficiency
- Improving transaction security
- Facilitating cross-border payments
As other countries further explore their own CBDC projects, Australia's commitment to wholesale CBDC highlights a strategic approach in a rapidly evolving digital payment landscape.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.