"The solutions to the problems the country faced lay elsewhere," Lowe added referring to fiscal policy, which he said, has provided "welcome support" to the economy. If another central bank does decide to launch a retail CBDC, “there will be many central banks like us who will be closely watching.”. In his words, this wholesale CBDC could be used as an interbank payment system or for tokenized financial assets. told the UWA Blockchain, Cryptocurrency and Fintech conference. Another issue the RBA board was considering was the possible effect of further easing on financial stability and long-term macroeconomic stability. 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In a speech in Sydney, Governor Philip Lowe said the Board has been considering what more it can do to support jobs, incomes and businesses to help build the "road to recovery," though a decision has not yet been made. }) Australia central bank: Fiscal stimulus needed to revive coronavirus-stricken economy Economy 01 Sep 2020 Australia central bank holds rates, expands bank funding scheme Tony Richards, head of payments policy at the Reserve Bank of Australia (RBA), told the UWA Blockchain, Cryptocurrency and Fintech conference that his agency had evaluated retail central bank digital currencies (CBDCs) and found “no strong public policy case” for introducing a general use version of the Australian dollar. Sie können Ihre Einstellungen jederzeit ändern. Other considerations include the problems a potential retail CBDC would solve and what issues the introduction of such a digital currency might create, he said. Daten über Ihr Gerät und Ihre Internetverbindung, darunter Ihre IP-Adresse, Such- und Browsingaktivität bei Ihrer Nutzung der Websites und Apps von Verizon Media. readers found this article insightful, Copyright © 1995- The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. , aus oder wählen Sie 'Einstellungen verwalten', um weitere Informationen zu erhalten und eine Auswahl zu treffen. Please consider using a different web browser for better experience.  {{item['V2 Header']}}, All you need to know inside Special Pullout. Dies geschieht in Ihren Datenschutzeinstellungen. Australian Central Bank Sees ‘No Strong Public Policy Case’ for CBDC. RBA "These are three of the complex issues we have been considering at our recent Board meetings," Lowe said. Star Media Group Berhad (10894D), {{item['V1 Header']}} Damit Verizon Media und unsere Partner Ihre personenbezogenen Daten verarbeiten können, wählen Sie bitte 'Ich stimme zu.' $('#spanCopyright').text(theDate.getFullYear()) According to Richards, the RBA looked at a number of factors that could help shape a potential CBDC, including the role of the central bank and private entities, whether it would be account-based or token-based, whether it could be used offline, what degree of anonymity might be allowed and even whether an Australian CBDC would be based on a blockchain or distributed ledger platform. Other nations, like the U.S., are still in the early stages of determining whether a CBDC is even desirable. The implications of larger balance-sheet expansion by other central banks were another consideration as the RBA works at potential policy options, Lowe added. It's simple! The Reserve Bank of Australia (RBA) has left the cash rate at a record low 0.25% since an emergency cut in March, but has recently pledged to do more to boost growth. The Reserve Bank of Australia (RBA) kept the rate unchanged at an all-time low of 0.25%, as widely expected in a Reuters poll. Still, the RBA is still evaluating and experimenting with the underlying technology, he said. Lowe said the RBA would review how much traction any further monetary easing might get to rescue the country's economy from recession at its upcoming board meetings. , We are committed to do what we reasonably can, with the tools we have, to support the recovery of the Australian economy.". Central banks worldwide are looking at CBDCs and to determine whether it would make sense to create and issue a tokenized version of their national currencies. , The Reserve Bank of Australia … In his speech the top central banker said on Thursday monetary easing would become more effective as the economy loosens its coronavirus restrictions, an indication another cut to the official cash rate was under consideration. “In the meantime, separate to our work monitoring the case for a retail CBDC, the Bank is conducting research on the technological and policy implications of a potential wholesale CBDC,” Richards said. The dovish remarks sent the Australian dollar sliding to a one-week low of $0.7129. "As the economy opens up, though, it is reasonable to expect that further monetary easing would get more traction than was the case earlier.". Where Does Bitcoin Fit in the Global Reserve Currency Game? , The Australian central bank sees no need to issue its own retail digital currency just yet, a top official said Wednesday. $(document).ready(function () { The Australian central bank sees no need to issue its own retail digital currency just yet, a top official said Wednesday. The central bank also affirmed its target for three-year bonds and the recently increased cheap funding program for lenders, but signalled it was considering other measures to boost activity. “In addition, Australian households and businesses are well served by a modern, efficient and resilient payments system that has undergone significant innovation in recent years, including the introduction of the New Payments Platform, which is a real-time, 24/7 and data-rich electronic payments system.”, Still, he did not discount the fact that the bank might change its mind in future: His group will continue to examine the merits or concerns around introducing a CBDC, he said, including “the conditions in which significant demand for a CBDC might emerge.”. SYDNEY: The Reserve Bank of Australia (RBA) Board was studying the benefits that would come from buying longer-dated government bonds as part of its monetary stimulus package to boost jobs and growth, Governor Philip Lowe (pic) said on Thursday. “Even though the use of cash for transactions is declining, cash is still widely available and accepted as a means of payment,” he said. During his speech, Lowe opened the door for another cut to the cash rate from a record low 0.25% now, saying monetary easing would become more effective as the economy loosens its coronavirus restrictions.  {{item['V1 Body']}} By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy. "The Board will continue to review these and other issues at our upcoming meetings. Yahoo ist Teil von Verizon Media. Tags / Keywords: bond buying , % By signing up, you will receive emails about CoinDesk products and you agree to our, The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a, Cryptographers Are Always Going to Be ‘One Step Ahead’ of Regulators: Monero’s Spagni, First Mover: ‘Blue Wave’ in US Senate Could Mean Flood of Stimulus for Bitcoin, Luno Exchange Launches Interest-Earning Bitcoin Wallet, FIL Miners Force Filecoin to Speed Up Token Rewards Following Mainnet Launch. Oct 14, 2020 at 03:59 UTC Updated Oct 14, 2020 at 15:20 UTC. The Reserve Bank of Australia on Tuesday announced its decision to maintain the current policy settings. RBA governor opens door for further easing, Australia central bank holds rates, but signals more easing soon, Australia central bank: Fiscal stimulus needed to revive coronavirus-stricken economy. Ten-year bond futures rallied on the remark, rising 6.5 ticks to 99.225, the highest since April 2020. The RBA board was looking at whether expanding the existing government bond-buying programme to include longer-dated maturities would help its "main priority" of creating jobs, Lowe said, responding to questions after a speech in Sydney. Keep track and manage your login sessions and devices here. "When the pandemic was at its worst and there were severe restrictions on activity we judged that there was little to be gained from further monetary easing," Lowe said. central bank China is perhaps the furthest along, and is currently in the testing phase for a digital yuan.

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