{"id":351500,"date":"2023-10-17T16:30:43","date_gmt":"2023-10-17T11:00:43","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=351500"},"modified":"2023-10-17T15:47:54","modified_gmt":"2023-10-17T10:17:54","slug":"australia-hails-cbdcs-as-the-future-of-money-more-inside","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/australia-hails-cbdcs-as-the-future-of-money-more-inside\/","title":{"rendered":"Australia hails CBDCs as the &#8216;future of money,&#8217; more inside"},"content":{"rendered":"<ul>\n<li><em>Australia intends to collaborate with other institutions to create a CBDC program for wholesale usage.<\/em><\/li>\n<li><em>Brad Jones, assistant governor at the Reserve Bank of Australia, made these remarks in a recent speech.<\/em><\/li>\n<\/ul>\n<p>Australia has expressed the possibility of exploring central bank digital currency (CBDC) as the \u201cfuture of money.\u201d<\/p>\n<p>On 16 October, Brad Jones, assistant governor (financial system) at the Reserve Bank of Australia (RBA), <a href=\"https:\/\/www.rba.gov.au\/speeches\/2023\/pdf\/sp-ag-2023-10-16.pdf\" target=\"_blank\" rel=\"noopener\">gave<\/a> a speech titled \u201cA Tokenised Future for the Australian Financial System\u201d at the Australian Financial Review Cryptocurrency Summit.<\/p>\n<p>During the speech, Jones talked about the opportunities and challenges presented by the tokenization of assets. He also discussed the suggested plan to use CBDCs as a \u201cform of money.\u201d<\/p>\n<p>Jones added that stablecoins, issued by regulated financial institutions and backed by high-quality assets, are a viable option to settle tokenized transactions. However, stablecoins issued by private parties carry additional risks due to lack of regulatory guidelines.<\/p>\n<p>During the address, the assistant governor outlined the evolution of money and financial instruments throughout history.<\/p>\n<p>Jones went on to suggest that implementing tokenized bank deposits would signal a minor change from existing practices.<\/p>\n<h4>What does the CBDC pilot tell?<\/h4>\n<p>Jones also shared some findings from the central bank\u2019s pilot CBDC program findings. These include a wide range of areas where CBDC could offer value in wholesale payments or facilitate atomic settlement in tokenized asset markets.<\/p>\n<p>The CBDC pilot highlighted the possibility of a synergistic link between a wholesale CBDC and emerging types of privately issued digital currencies. These include tokenized bank deposits and asset-backed stablecoins.<\/p>\n<p>Australia\u2019s central bank is still assessing the early-stage implementation of CBDCs. Jones\u2019 speech emphasized the country\u2019s desire to explore innovative fintech solutions.<\/p>\n<p>The assistant governor further indicated that the central bank intends to create a CBDC program for wholesale usage in collaboration with other central banks and international institutions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Australia has expressed the possibility of exploring CBDCs as the \u201cfuture of money.\u201d What do these plans entail?<\/p>\n","protected":false},"author":70,"featured_media":351505,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[44,66,3,4,20],"tags":[],"class_list":["post-351500","post","type-post","status-publish","format-standard","has-post-thumbnail","category-global-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Australia hails CBDCs as the &#039;future of money,&#039; more inside - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Australian central bank has expressed the possibility of exploring CBDCs as the \u201cfuture of money\u201d and &quot;form of money\u201d\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/australia-hails-cbdcs-as-the-future-of-money-more-inside\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australia hails CBDCs as the &#039;future of money,&#039; more inside - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Australia has expressed the possibility of exploring CBDCs as the \u201cfuture of money.\u201d What do these plans entail?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ambcrypto.com\/australia-hails-cbdcs-as-the-future-of-money-more-inside\/\" \/>\n<meta property=\"og:site_name\" content=\"AMBCrypto\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cryptoamb\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-17T11:00:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/capture-6.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Saman Waris\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/SamanWaris11\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoAmb\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Saman Waris\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"ReportageNewsArticle\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/australia-hails-cbdcs-as-the-future-of-money-more-inside\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/australia-hails-cbdcs-as-the-future-of-money-more-inside\\\/\"},\"author\":{\"name\":\"Saman Waris\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/person\\\/ad73a5a061fcfc27548aa27112d8b9d8\"},\"headline\":\"Australia hails CBDCs as the &#8216;future of money,&#8217; 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