RBA Declines Retail CBDC Plans Amid Effective Payment Systems
The Reserve Bank of Australia (RBA) has concluded that there is no clear public interest in implementing a retail Central Bank Digital Currency (CBDC) in Australia. The decision follows a public consultation conducted by Verian Group, which surveyed Australians about their payment needs and views on a potential CBDC.
The RBA's assessment draws on the results of this consultation and a joint paper with the Treasury on a Central Bank Digital Currency and the Future of Digital Money in Australia. The paper was published in 2024.
In the wholesale market, the RBA has been researching the role of digital money through Project Acacia, which examined tokenized asset markets. As part of this project, 24 use cases were developed and tested, with 19 involving real-world transactions across various asset classes.
The RBA is now launching a consultation on the role of its High Value Settlement System (RITS) in supporting the development of tokenized ecosystems. The consultation seeks views on how the RBA's settlement services can support the growth of tokenized asset markets and private money in Australia.