Reserve Bank of Australia (RBA) assistant governor Michelle Bullock said at Sibos 2018 that the bank was not yet convinced of the need to build a digital Australian dollar, Financial Review reports.
Bullock said:
“It remains for industry to demonstrate to us [financial institutions] really why what we have got available in terms of payments systems, including those still coming on board, can't actually deliver that already. I am not convinced that it [digital dollar] has a use.”
The assistant governor also added that among “touted” benefits digital dollar could probably provide to central banks the possibility to technically skip the problem of the “lower bound.”
Earlier, Novatti Group, an Australian online payments processor, announced at Money20/20 that it would issue the Novatti AUD Utility Token, an asset that would be tied to Australian dollars (AUD).
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