The Reserve Bank of Australia has proclaimed that they will be issuing an electronic currency within the next few years.
Canvas, a participating project, successfully led operations with the digital Australian dollar in the spring. Upon release, it is expected to be more efficient than fiat money.
This week, the Central Bank released a report affirming the commitment to releasing the token, and the research center Digital Finance Cooperative is in charge of setting a regulatory framework.
With this financial instrument, households in Australia are looking to benefit from greater opportunities, while the authority is looking to analyze the effects the currency will have on the country’s banking infrastructure and the stability of the financial system.
