Oh for fucks sake!, so there hasn't been any advice from the RBA that it intends to replace cash with CBDC and you believe the lying sods. These are the same SOBs who told you last year there would be no rate hikes till next year, how did that reassurance work out for you? What they say they will do and what they are actually planning to do are two different things. I thought you would have woken up to that by now.
Ha ha that.reminds me of when I paid cash for a motorcycle in 2021, the seller got his wife to count the cash with a mask and surgical gloves on... Oh the brainwashing worked a treat.
The private sector innovates whilst the Govt sector, waits, watches then regulates. Given that ANZ and NAB already have developed their own AUD stable coins..plus along with CBA and WBC have invested in blockchain start-ups / existing businesses in both Aust and overseas, I see the RBA and Commonwealth Govt letting the banks / private sector do all the heavy lifting re developing out digital currency / FX / trade and other platforms, then regulate and tax the hell out of it...cos that's Govt's strong suit. https://blockworks.co/news/anz-banks-stablecoin-used-to-purchase-tokenized-carbon-credits https://www.afr.com/companies/finan...instant-cross-border-payments-20230313-p5crjt The development of new digital platforms will accelerate the decline of cash being used but given we still live in a "democracy" where we can vote, until that older, non tech generations pass away, then it's a brave move by a Govt to try and ban cash as they will face backlash at the ballot box....all things remaining equal eg the current economic and political set-up still being in place. If digital currencies can be done in an off-line - peer to peer environment as an adjunct to the existing payments platforms...great and bring it on given the potential benefits to reduce transaction costs, speed up processing time etc. If goes through some Govt controlled exchange / data bank then my view will be different. Like many here, my trust level of all forms of Govt is low and nil when it comes to unelected public servants forming policy. https://www.lexology.com/library/detail.aspx?g=63e0d746-044a-4c37-9316-628770f1bec2
Before the RBA stepped in it was taking 3+ days for bank payments to clear. From my perspective our banks were doing stuff all to innovate. Not to mention their working hours are a joke. Don't even get me started on banks brokerage fees for trading stocks, these big banks are living in the past.
