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Lowe said the RBA would review how much traction any further monetary easing might get to rescue the country's economy from recession at its upcoming board meetings. Star Media Group Berhad (10894D), {{item['V1 Header']}}

In his words, this wholesale CBDC could be used as an interbank payment system or for tokenized financial assets.

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The Australian central bank sees no need to issue its own retail digital currency just yet, a top official said Wednesday. During his speech, Lowe opened the door for another cut to the cash rate from a record low 0.25% now, saying monetary easing would become more effective as the economy loosens its coronavirus restrictions. RBA If another central bank does decide to launch a retail CBDC, “there will be many central banks like us who will be closely watching.”. Tony Richards, head of payments policy at the Reserve Bank of Australia (RBA), told the UWA Blockchain, Cryptocurrency and Fintech conference that his agency had evaluated retail central bank digital currencies (CBDCs) and found “no strong public policy case” for introducing a general use version of the Australian dollar. By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy. Tags / Keywords: $('#spanCopyright').text(theDate.getFullYear())

The Australian central bank sees no need to issue its own retail digital currency just yet, a top official said Wednesday.

readers found this article insightful, Copyright © 1995- "The Board will continue to review these and other issues at our upcoming meetings. Other nations, like the U.S., are still in the early stages of determining whether a CBDC is even desirable. Ten-year bond futures rallied on the remark, rising 6.5 ticks to 99.225, the highest since April 2020.
The RBA board was looking at whether expanding the existing government bond-buying programme to include longer-dated maturities would help its "main priority" of creating jobs, Lowe said, responding to questions after a speech in Sydney.

Still, the RBA is still evaluating and experimenting with the underlying technology, he said.

told the UWA Blockchain, Cryptocurrency and Fintech conference.  {{item['V2 Header']}}, All you need to know inside Special Pullout.

SYDNEY: The Reserve Bank of Australia (RBA) Board was studying the benefits that would come from buying longer-dated government bonds as part of its monetary stimulus package to boost jobs and growth, Governor Philip Lowe (pic) said on Thursday. “In addition, Australian households and businesses are well served by a modern, efficient and resilient payments system that has undergone significant innovation in recent years, including the introduction of the New Payments Platform, which is a real-time, 24/7 and data-rich electronic payments system.”, Still, he did not discount the fact that the bank might change its mind in future: His group will continue to examine the merits or concerns around introducing a CBDC, he said, including “the conditions in which significant demand for a CBDC might emerge.”.

We are committed to do what we reasonably can, with the tools we have, to support the recovery of the Australian economy.". , Dies geschieht in Ihren Datenschutzeinstellungen. Für nähere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklärung und Cookie-Richtlinie. var theDate = new Date();

$(document).ready(function () { “In the meantime, separate to our work monitoring the case for a retail CBDC, the Bank is conducting research on the technological and policy implications of a potential wholesale CBDC,” Richards said.

"These are three of the complex issues we have been considering at our recent Board meetings," Lowe said. Australia central bank: Fiscal stimulus needed to revive coronavirus-stricken economy Economy 01 Sep 2020 Australia central bank holds rates, expands bank funding scheme The central bank also affirmed its target for three-year bonds and the recently increased cheap funding program for lenders, but signalled it was considering other measures to boost activity. The dovish remarks sent the Australian dollar sliding to a one-week low of $0.7129.

RBA governor opens door for further easing, Australia central bank holds rates, but signals more easing soon, Australia central bank: Fiscal stimulus needed to revive coronavirus-stricken economy. Another issue the RBA board was considering was the possible effect of further easing on financial stability and long-term macroeconomic stability. Daten über Ihr Gerät und Ihre Internetverbindung, darunter Ihre IP-Adresse, Such- und Browsingaktivität bei Ihrer Nutzung der Websites und Apps von Verizon Media. Other considerations include the problems a potential retail CBDC would solve and what issues the introduction of such a digital currency might create, he said.

Australian Central Bank Sees ‘No Strong Public Policy Case’ for CBDC. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. The Reserve Bank of Australia (RBA) has left the cash rate at a record low 0.25% since an emergency cut in March, but has recently pledged to do more to boost growth.

"The solutions to the problems the country faced lay elsewhere," Lowe added referring to fiscal policy, which he said, has provided "welcome support" to the economy. In a speech in Sydney, Governor Philip Lowe said the Board has been considering what more it can do to support jobs, incomes and businesses to help build the "road to recovery," though a decision has not yet been made. ,

The Reserve Bank of Australia on Tuesday announced its decision to maintain the current policy settings.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. According to Richards, the RBA looked at a number of factors that could help shape a potential CBDC, including the role of the central bank and private entities, whether it would be account-based or token-based, whether it could be used offline, what degree of anonymity might be allowed and even whether an Australian CBDC would be based on a blockchain or distributed ledger platform. "When the pandemic was at its worst and there were severe restrictions on activity we judged that there was little to be gained from further monetary easing," Lowe said.

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"As the economy opens up, though, it is reasonable to expect that further monetary easing would get more traction than was the case earlier.". Dazu gehört der Widerspruch gegen die Verarbeitung Ihrer Daten durch Partner für deren berechtigte Interessen. Australia , Yahoo ist Teil von Verizon Media.

Please consider using a different web browser for better experience.  {{item['V1 Body']}} Where Does Bitcoin Fit in the Global Reserve Currency Game? In his speech the top central banker said on Thursday monetary easing would become more effective as the economy loosens its coronavirus restrictions, an indication another cut to the official cash rate was under consideration. Central banks worldwide are looking at CBDCs and to determine whether it would make sense to create and issue a tokenized version of their national currencies.