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Reserve Bank of Australia says currency could go digital
Posted On 23 Feb 2016
Reserve Bank of Australia headquarters, 65 Martin Place, Sydney, Australia.
The Reserve Bank of Australia (RBA) said today that the Australian Dollar could go digital in the future, according to a news report by the Sydney Morning Herald.
Tony Richards, head of payments policy at the RBA, said the bank has been watching demand growth for private digital currencies like bitcoin and believes there’s a place for a central bank-issued digital currency, one that operates concurrently with other existing forms of the currency, including paper notes.
Richards explained that central banks in other nations, including Canada and England, have already started researching into digital currencies.
Of course, a move to a digital currency will not happen anytime soon. The bank believes that cybersecurity and cryptography risks put this endeavor off into the future for any country. Richards also stated that the RBA isn’t “actively” considering the launch of a digital currency.
The discussion of the Australian dollar going digital was part of a larger discussion on the state of currency usage in Australia today. Richards talked about the declining usage of the check, which is projected to decline another 30% by 2018 from today. Cash, on the other hand, has seen growing demand despite a declining overall usage. Due to this, the RBA is undertaking an upgrade of Australia’s stock of banknotes.
Image credit – Public domain image by Danausi
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If they (the RBA) are going to introduce a digital currency they better get started soon. Banks as 19th century institution are on their way out, soon to be replaced by peer to peer commerce. And Central Banks are also on their way out; just wait for the next GFC which this time will be a crisis of confidence in Central Banking (the new backstop). Enlightened people already see the writing on the wall and want to get out of the broken system before it collapses and brings their wealth down with it.
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