RBA doubts need for cryptocurrencies in Australia

In their submission to the Select Committee on Financial Technology and Regulatory Technology, the Reserve Bank of Australia (RBA), has expressed doubts whether cryptocurrencies in their current form – such as Libra and central bank digital currencies (CBDCs) – will become viable solutions in Australia, or replace government issued money. The RBA added that since Australia is served by a range of low-cost and efficient real-time payment methods, the demand for cryptocurrencies does not seem likely.