SYDNEY (Reuters) – The Reserve Bank of Australia, like other major central banks, has stepped up research into managing its own digital currency, but is still not convinced of the merits, its responsible for payments.

The comments, made at a financial services conference, follow a report by the Australian Senate last month that called for changes to laws in a way more suited to digital currencies.

Most major economies are now considering issuing a central bank digital currency (CBDC) – an internet-only cash equivalent that is different from cryptocurrency because it is not decentralized – although none do. has done it again, said the director of the Reserve Bank of Australia. of the Tony Richards payment policy.

However, “given the possibility that the balance could shift to a retail CBDC issuance dossier, the bank has stepped up its research on CBDCs,” Richards said in a speech to the Australian Corporate Treasury Association.

Noting that the European Central Bank and Sweden appeared to be the furthest ahead of the major economies to consider a role for the CBDCs, Richards said the US Federal Reserve was more cautious.

“Staff at the Reserve Bank (of Australia) have also not been convinced to date that a strong political case has emerged in Australia for a CBDC,” he said.

“Australia’s existing electronic payment system already offers households and businesses a wide range of secure, convenient and low-cost payment services. “

Amid the rush for internet-only money, which was spurred in part by the switch to life online during the pandemic, Australia’s largest bank also said this month it was offering cryptocurrency trading services through its smartphone application.

(Reporting by Byron Kaye; Editing by Simon Cameron-Moore)

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