APRA, which regulates Australia’s financial markets, is concerned about the effects of a digital currency to be produced by the central bank on private banks.
The Australian Prudential Regulatory Authority (APRA) is examining the risks that may arise if the Reserve Bank of Australia develops an official digital currency.
Wayne Byres, head of APRA, has yet to develop such a digital currency. “economically” that there is no clear requirement, that if such a digital currency becomes available, people may move away from private banks. is thinking.
“If people adopt digital central bank money, we will have to consider the implications. The uses of this digital currency can have a very, very big impact on the structure of the financial system.” said Byres, “For example, if people can open individual accounts at the central bank, most of the financial system We may be faced with a situation where” added your comment.
Philip Lowe, Governor of the Reserve Bank of Australia, shared similar concerns at the end of last year and said that if a possible digital currency is developed, the amount of digital money that can be kept in individual accounts. in crisis situations He talked about the possibility of introducing an upper limit.
Mentioning the e-CNY digital currency project developed by the People’s Bank of China, Byres said that they also made investigations about the effects it could cause, and that it was especially useful. “Failure to innovate [bankalar] threat to stated that it might.
“The event is only authorized [kurumları] It’s not just about protecting. Ultimately, we aim to protect the community, not just banks, insurers or super funds. These things can sometimes be interconnected, but ultimately, we are concerned with the interests of the community.”