Rba: Libra may not succeed in Australia; There is no need to issue CBDC at this time

The reserve bank of Australia (RBA) said it had been closely monitoring developments in cryptocurrencies such as bitcoin and said it was still unclear whether there would be strong domestic demand. It said the developments could also affect its role as a banknote issuer and operator of the country's real-time summary computing system, as well as its responsibility for "the stability of the financial system and the stability and efficiency of the payment system". "Our current assessment is that the cryptocurrencies we have seen so far do not provide the normal functions of currency, which explains why they are not widely used as a means of payment in Australia." It says newer cryptocurrencies are emerging, or have been proposed, seeking to address some of the shortcomings of earlier iterations. The next generation of cryptocurrencies is likely to become more widely used in the future.

The RBA said the Libra project had the potential to be widely used given the involvement of a number of companies, potentially leveraging their large existing user base and technical capabilities. The RBA agreed with the G7's previous decision that the private sector global stability currency initiative should not be allowed to start until all risk and regulatory requirements had been addressed. In Australia, even if global stability COINS do meet all regulatory requirements, it remains unclear whether there will be strong demand for them, particularly for domestic payments. Australia already has a range of low-cost, efficient real-time payment methods. In recent years, a number of new non-bank digital players have entered the market, offering australians cheaper and faster remittance services. As for the CBDC, the RBA said it was not necessary at present. & have spent [the daily planet Odaily]

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