PANews reported on September 18 that according to Coindesk, the Reserve Bank of Australia (RBA) (central bank) and the Ministry of Finance released a report summarizing the research on central bank digital currency (CBDC) so far and how these studies provide reference for the Reserve Bank of Australia and the Ministry of Finance's current assessment of Australia's CBDC issues. The report also lists a three-year roadmap for Australia's future digital currency work.
The Reserve Bank of Australia said it would prioritize work on wholesale central bank digital currencies over retail versions. Brad Jones, assistant governor of the RBA's financial system, said in a statement that wholesale CBDCs offer more significant potential benefits and face fewer challenges than retail CBDCs. Wholesale CBDCs are digital tokens issued by central banks for use by banks and financial institutions, while retail CBDCs are for consumers and daily transactions.
