We are used to thinking of money as notes and coins, the kind most of us hold in our wallets. But most money – in Australia it’s 96.3% – is digital, held by financial institutions and moved around via bank transfers, debit cards and credit cards.
Late last year Treasurer Josh Frydenberg promised to consult about introducing a third type of currency, a central bank digital currency, and asked the treasury to come up with a position by the end of 2022.
