The Reserve Bank of Australia (RBA) has advertised a position for a digital currency specialist. This is in line with the RBA's strategic plan to promote and support the development of payments in the country.
Following the RBA's research into central bank digital currency (CBDC) over the past 2 years, the financial regulator has found it necessary to strengthen its CBDC research team.
The Bank continues to research how this potential new form of digital money can be effectively issued and delivered to citizens and businesses, and then used to make payments and settle various legal obligations. It is also investigating how the CBDC can be perfectly designed and the implications and benefits of this type of digital currency.
The Reserve Bank of Australia is now trying to form an interdisciplinary team that will be responsible for designing, executing and communicating all the developments under the CBDC project so that the regulator can better understand the implications of CBDC and discover various technical solutions.
More than 58 countries around the world are also thinking along the same lines as the Reserve Bank of Australia. According to CoinIdol, a world blockchain news outlet, countries like the United States and China are on the verge of launching their own CBDC.
The US is planning to issue a digital dollar and China will issue a digital yuan that will be directly under the control and supervision of their respective central banks. This simply means that countries are slowly moving from decentralized cryptocurrencies to central bank digital currencies.
One of the reasons why CBDC are preferred over Bitcoin and other forms of cryptocurrencies is that CBDC are not as volatile as BTC and it is easy to prevent illegal activities related to the use of digital currencies such as money laundering, terrorist financing, sex, drug trafficking and others.