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Australia to Explore Case for Central Bank Digital Currency

  • RBA, Treasury, others collaborate on digital currency project
  • RBA joins other central banks in reviewing case for a CBDC
Outside the Reserve Bank of Australia (RBA) building in Sydney.

Outside the Reserve Bank of Australia (RBA) building in Sydney.

Photographer: David Gray/Bloomberg

Australia’s top economic agencies are collaborating on a project to review the case for a central bank digital currency in the country.

The Reserve Bank of Australia, Treasury and others will oversee the research effort designed to explore the potential economic benefits of introducing such a currency in Australia, the RBA said in a statement Tuesday. The project is expected to run for about a year.