Economic Buzz: RBA Governor says central bank needs to be careful about bringing technology into policy and operations

Michele Bullock, Governor of the Reserve Bank of Australia (RBA), stated today that we are undergoing a transformation to equip us to meet the challenges of a rapidly evolving financial landscape. Given our role as a central bank, we need to be careful about how we bring technology into our policy and operations ? we know we need to balance risks but also move with the times. One of our strategic priorities is shaping the future of money in Australia, particularly in wholesale markets. We are actively exploring how emerging forms of digital money and supporting infrastructure could make payments and settlements more efficient and resilient. This work reflects a growing imperative: to think ahead strategically, not just react, in a rapidly evolving payments and technology landscape.In recent years, the RBA has led or contributed to several research initiatives, domestic and multi-jurisdictional, examining the potential role, benefits and risks of central bank digital currencies (CBDCs).

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