Today Reserve Bank of Australia Governor Philip Lowe said the central bank is exploring the pros and cons of stablecoins as an alternative form of digital currency. His comments were made as part of a talk that touched on the Bank’s central bank digital currency (CBDC) work.
Lowe stated, “We are also looking at the pros and cons of an alternative form of a digital Australian dollar – a payments stablecoin that is issued by the private sector, just as banks issue deposits. If we were to go in this direction, the payment stablecoins would need to be backed by a strong regulatory regime, just as applies to deposits.”
In September, Australian Senator Andrew Bragg published a bill to regulate digital assets and stablecoins.
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