Australia's central bank governor says that privately issued and regulated tokens could be better than CBDCs, according to a report. By amitoj
Phillip Lowe was speaking at a panel discussion at the G20 finance officials meeting in Indonesia on Sunday."I tend to think that the private solution is going to be better - if we can get the regulatory arrangements right," Lowe said.
Lowe explained that"the private sector is better than the central bank" because it is better"at innovating and designing features for these tokens." He also said there are also"likely to be very significant costs for the central bank setting up a digital token." In order for the regulatory framework to be effective, Australia has set a tentative deadline of 2025 to implement crypto regulation,Central banks across the world are developing central bank digital currencies grappling with the idea of either retail for consumers directly or wholesale for banks or both.
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