Australia's central bank: Prioritizes work on wholesale CBDC

Odaily Odaily News: 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) to date and how these studies can provide reference for the assessment of the RBA and the Ministry of Finance on Australia's CBDC issues. The RBA said it would prioritize work on wholesale central bank digital currency rather than the retail version. Compared with the retail version of CBDC, wholesale CBDC shows more significant potential benefits and faces relatively fewer challenges. Wholesale CBDC is a digital token issued by the central bank for use by banks and financial institutions, while retail CBDC is aimed at consumers and daily transactions. (Coindesk)