Why the Reserve Bank is trialling a digital currency

The Reserve Bank has been looking into the use of a central bank digital currency here in Australia.

The world is rapidly moving towards a cashless society - Cash was used for 59% of point-of-sale transactions in 2022, down from 72% in 2019.

But in Australia less than 25% of transactions use cash, in the UK it’s just 15% and in Norway, only 3% of payment transactions are cash!

So our currency is basically digital already. So when the RBA announced plans to create a Central Bank Digital Currency our biggest question was... Why? Isn’t the Aussie Dollar pretty digital already?

So we set out to better understand this emerging world of Central Bank Digital Currencies or CBDC’s today.

Tell us what you think of The Dive - email us at [email protected]. Follow our Instagram here, or find out more here. Stay engaged with the Equity Mates community by joining our forum.

In the spirit of reconciliation, Equity Mates Media and the hosts of The Dive acknowledge the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander people today.

*****

This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives.

Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional.

Equity Mates Media operates under Australian Financial Services Licence 540697.

The Dive is part of the Acast Creator Network.

Hosted on Acast. See acast.com/privacy for more information.