Regulated, consumer-oriented private tokens, under proper supervision of their issuers, are preferable to national digital currencies (CBDC). This was stated by RBA Governor Philip Lowe, Reuters reports.
During a G20 finance conference, the official explained that unlike the state, the private sector is better at introducing innovations and developing token functionality. Central banks will require “significant costs to create CBDC,” he added.
Joining Lowe was Eddie Yue, head of the Hong Kong Monetary Authority. He urged careful study of stablecoins to reduce risks arising from DeFi protocols.
«Despite the инцидент с Terra-Luna, cryptocurrencies and decentralized finance will not disappear. The technologies and innovations behind them will shape the face of the future system», — explained the official.
In June 2022, the BIS named CBDCs основой денежных систем будущего.
Earlier, Australian Finance Minister Josh Frydenberg заявил that the country would issue its own digital currency.
The RBA participates in the Dunbar project to test cross-border CBDC settlements under the auspices of the Bank for International Settlements.
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