Australia’s Central Bank Starts Wholesale CBDC Program

Reading Time: < 1 minute

The RBA has announced that it will be focusing on launching a wholesale CBDC rather than pursuing a retail CBDC in the near future.

Assistant Governor Brad Jones presented the central bank’s three-year roadmap at the Intersekt Fintech Conference, explaining that their research has shown a wholesale CBDC would provide more benefits to commercial and central banks in Australia.

These benefits include lower risks and costs, increased transparency and auditability, and improved liquidity and transaction capabilities.

The RBA has made a strategic decision to prioritize the development of wholesale digital money and infrastructure, rather than a retail CBDC.