TechFlow reports that the Reserve Bank of Australia has announced it will delay making a decision on a central bank digital currency (CBDC) for several years due to a range of unresolved issues. Last year, the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre conducted a use case study on payment systems. The report states that given multiple outstanding issues, a decision on an Australian CBDC "could still be years away."
The study found that an Australian CBDC could support offline electronic payments and more "intelligent" complex transactions. However, the report emphasizes that a series of legal, regulatory, technical, and operational challenges remain to be addressed, including key management solutions, integration difficulties with industry applications, and privacy protection.
