Bank

2024

Bitcoin

Reserve

<h4><strong>This change isn’t just because of concerns from everyday people. It’s the central banks themselves that are raising red flags. </strong></h4> 
<p>Other countries should pay attention to these developments and consider their plans carefully. Let’s explore more about this CBDC news.</p> 
<h5><strong>Central Banks Rethink Digital Currencies Amid Existing Options</strong></h5> 
<p>The Reserve Bank of Australia (RBA) recently <a href="https://www.rba.gov.au/payments-and-infrastructure/central-bank-digital-currency/pdf/cbdc-and-the-future-of-digital-money-in-australia.pdf" target="_blank" rel="noopener">stated</a>: “There is no clear public interest case to issue retail CBDC in Australia yet.” This means they don’t think a digital currency is needed at this time.</p> 
<p>Similarly, the Banco de la República de Colombia published a <a href="https://web.archive.org/web/20240721100653/https:/www.banrep.gov.co/es/publicaciones-investigaciones/pertinencia-riesgos-emitir-moneda-digital-banrep" target="_blank" rel="noopener">report</a> saying: “There are not sufficient reasons for the issuance of [a CBDC] (retail or wholesale) in Colombia.” The Bank of Canada is also shifting gears. They <a href="https://web.archive.org/web/20240921083619/https:/www.bankofcanada.ca/digitaldollar/" target="_blank" rel="noopener">said</a> they are “scaling down its work on a retail central bank digital currency and shifting its focus to broader payments system research and policy development.”</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">A few central banks (Japan, Canada, Australia) have walked back their push for retail CBDC. But be warned, that is not the end to programable currencies and digital surveillance.</p> 
 <p>“Those who can associate the use of digital currency with programmability would be the… <a href="https://t.co/1rkXeOtMVH">pic.twitter.com/1rkXeOtMVH</a></p> 
 <p>— Resist CBDC (@Resist_CBDC) <a href="https://twitter.com/Resist_CBDC/status/1837713139917640023?ref_src=twsrc%5Etfw">September 22, 2024</a></p>
</blockquote> 
<p><script src="https://platform.twitter.com/widgets.js" async charset="utf-8"></script></p> 
<p>So, why are these central banks pressing the brakes? One reason is that officials believe people already have plenty of good options for managing their money. Mobile banking, payment apps, and <a href="https://www.altcoinbuzz.io/?s=cryptocurrencies" target="_blank" rel="noopener">cryptocurrencies</a> have become popular and offer many ways for folks to pay for things. While there are some bumps in the road with these options, most people seem satisfied with what they have.</p> 
<p>Central banks are noticing that the private sector has done a good job of providing financial services. They recognize that a digital currency may not be necessary when people already have access to efficient ways to make payments. In other words, if it ain’t broke, don’t fix it!</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">Reserve Bank of Australia <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1e6-1f1fa.png" alt="🇦🇺" class="wp-smiley" style="height: 1em; max-height: 1em;"></p> 
 <p>Steps back from retail CBDC</p> 
 <p>“clear public interest case for issuing a retail CBDC in Australia has yet to be found”</p> 
 <p>May move forward with wholesale CBDC.</p> 
 <p>Big win, could be bigger. The more we fight back and stack up little wins the more time we… <a href="https://t.co/zVc0sdjqtE">pic.twitter.com/zVc0sdjqtE</a></p> 
 <p>— Resist CBDC (@Resist_CBDC) <a href="https://twitter.com/Resist_CBDC/status/1837320499489296592?ref_src=twsrc%5Etfw">September 21, 2024</a></p>
</blockquote> 
<p><script src="https://platform.twitter.com/widgets.js" async charset="utf-8"></script></p> 
<p>Additionally, there are concerns about the costs and technical challenges of introducing a CBDC. Developing a secure digital currency involves significant investments and resources. <a href="https://www.altcoinbuzz.io/?s=central+banks" target="_blank" rel="noopener">Central banks</a> are thinking twice about whether these efforts are worth it. Instead of rushing into creating a digital currency, they are choosing to focus on improving existing payment systems.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/australia-canada-and-colombia-press-pause-on-cbdc-initiatives/">Australia, Canada, and Colombia Press Pause on CBDC Initiatives</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Australia, Canada, and Colombia Press Pause on CBDC Initiatives

Altcoin Buzz

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