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The Guardian - AU
The Guardian - AU
Business
Peter Hannam

Why is the Reserve Bank of Australia exploring digital currency options?

Reserve Bank Reserve Bank of Australia RBA United States Michele Bullock
An electronic board of a cryptocurrency exchange shows the price of bitcoin having nose-dived during a trading session in January
To curb price volatility of cryptos, stablecoins were created, but they have also proved volatile. A central bank digital currency could potentially solve that. Photograph: Yonhap/EPA

Last week the Reserve Bank of Australia announced a year-long research project with the Digital Finance Cooperative Research Centre to explore “use cases” for a central bank digital currency (CBDC). Here is what’s going on.

What is a CBDC and how is it different from cryptocurrency?

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