{"id":23740,"date":"2023-10-16T11:25:47","date_gmt":"2023-10-16T11:25:47","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/australia-open-to-idea-of-cbdc-as-future-of-money-rba\/"},"modified":"2023-10-16T11:25:49","modified_gmt":"2023-10-16T11:25:49","slug":"australia-open-to-idea-of-cbdc-as-future-of-money-rba","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/australia-open-to-idea-of-cbdc-as-future-of-money-rba\/","title":{"rendered":"Australia open to idea of CBDC as future of money \u2014 RBA"},"content":{"rendered":"<p><\/p>\n<div data-v-3d3be88a=\"\">\n<p>The Reserve Bank of Australia (RBA) is open to using a central bank digital currency (CBDC) as the future of money, where state-issued digital money would represent a tokenized form of central bank reserves.<\/p>\n<p>In a speech titled \u201cA Tokenised Future for the Australian Financial System,\u201d\u00a0Brad Jones, assistant governor (financial system) of the RBA,\u00a0talked about the opportunities and challenges arising from the tokenization of assets and money in the digital age while shedding light on the proposed plan to use CBDCs as a form of money.<\/p>\n<p>Jones started his speech by outlining the use of different forms of money throughout history and how financial instruments have evolved over time. While talking about tokenization and tokenized forms of money in the modern era, Jones mentioned stablecoins and CBDCs.<\/p>\n<p>He stated that stablecoins issued by \u201cwell-regulated financial institutions and that are backed by high-quality assets (i.e., government securities and central bank reserves) could be widely used to settle tokenized transactions;\u201c however, due to lack of regulatory guidelines, stablecoins issued by private parties often come with increased risk. On the other hand, CBDCs in the form of tokenized bank deposits could become a good form of transaction settlement, according to Jones.<\/p>\n<p>The assistant governor added that introducing tokenized bank deposits would represent a minor change to current practice given that deposits issued by various banks are already widely exchanged and settled (at par) across the central bank balance sheet. A payment between two parties using tokenized deposits would still be settled via a transfer of exchange settled (or wholesale CBDC) balances between the payer and payee bank. <\/p>\n<p><em><strong>Related: <\/strong><strong>China opens industrial park for digital yuan CBDC development in Shenzhen<\/strong><\/em><\/p>\n<p>Jones also shared some of the findings from the central bank\u2019s pilot CBDC program findings, including a range of areas where CBDC could add value in wholesale payments, such as facilitating atomic settlement in tokenized asset markets. The pilot project also highlighted opportunities for a wholesale CBDC to complement new forms of privately issued digital money, namely tokenized bank deposits and asset-backed stablecoins. <\/p>\n<p><strong><em>Magazine: Real reason for China\u2019s war on crypto, 3AC judge\u2019s embarrassing mistake: Asia Express<\/em><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank of Australia (RBA) is open to using a central bank digital currency (CBDC) as the future of money, where state-issued digital money would represent a tokenized form of central bank reserves. In a speech titled \u201cA Tokenised Future for the Australian Financial System,\u201d\u00a0Brad Jones, assistant governor (financial system) of the RBA,\u00a0talked about [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":23741,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-23740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Australia open to idea of CBDC as future of money \u2014 RBA | NFT &amp; Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/crypto\/australia-open-to-idea-of-cbdc-as-future-of-money-rba\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australia open to idea of CBDC as future of money \u2014 RBA | NFT &amp; Crypto News\" \/>\n<meta property=\"og:description\" content=\"The Reserve Bank of Australia (RBA) is open to using a central bank digital currency (CBDC) as the future of money, where state-issued digital money would represent a tokenized form of central bank reserves. 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