CBDCs aren't about solving today's problems — Australia's CBDC lead


30 Jun 2023 3:21 AM

Dilip Rao, a CBDC research program director helping in Australia’s CBDC pilot, says the digital currency may be used in some yet-to-be-considered cases, but hurdles remain before a CBDC can see wider use....

  • Dilip Rao, the executive spearheading Australia's CBDC pilot, believes that while CBDCs may not solve current problems, they could address future ones.
  • Rao suggests that a central bank-issued currency could be used for use cases that have not yet been considered.
  • One potential use case could be large institutions trading tokenized assets on marketplaces, which may prefer using a CBDC to mitigate risks.
  • Australia's CBDC pilot is examining 14 possible use cases, and a report on these tests will determine which ones deserve further exploration.
  • Legislative changes and public backing would be required for a CBDC to be implemented in Australia, and public consultation would be necessary to address the problems people want solved.

The sentiment of the article is neutral.

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