Cryptocurrencies
Australia’s Central Bank Chief Cautious Over Need for Digital Currency
- Governor still welcomes government plans for consultation
- He remains skeptical of cryptocurrency for mainstream payments
Philip Lowe
Photographer: Mark Graham/BloombergThis article is for subscribers only.
Reserve Bank of Australia Governor Philip Lowe said there was currently no strong need for a central-bank digital currency, but cautiously welcomed the possibility of one being created in the future.
Lowe’s remarks come after Treasurer Josh Frydenberg said the government was weighing plans for such a currency as part of a wide-ranging overhaul of the nation’s payments system. The central bank chief said Australia already had a fast and efficient electronic payments system in place.