Australia Disapproves Idea of CBDC

Ever since cryptocurrencies started getting international traction, more and more countries began to consider its technological and innovational potential. Some even started to wonder what benefits they could bring to more regulated systems. The talk of creating a central bank cryptocurrency has been actively going on in many countries. The idea itself might seem contradictory, seeing that the main appeal of cryptocurrencies comes down to the fact that it is decentralized, anonymous, and untraceable. But banks and governments seem set on making cryptocurrency work for their existing services and policies.

Let’s look at China, which has been working on its central bank cryptocurrency for almost a year now. It will be launching the project soon, with the help of telecommunication giant Huawei and firm backing from the government. While China is dedicated to making cryptocurrency as mainstream as possible, Australia has a different approach. It is unlikely that cryptocurrencies will…