Australia’s Central Bank Says Digital Currency Will Save Billions

A tokenised currency would boost market efficiency, the RBA assistant governor said.

A man walks past the Reserve Bank of Australia sign in Sydney, Australia, on Sep. 6, 2016. William West/AFP via Getty Images

The Reserve Bank of Australia (RBA) has outlined plans to introduce tokenised money to Australia, including central bank digital currencies (CBDCs).

In a speech issued on Monday, the bank’s assistant governor, Brad Jones, cited a key monetary incentive for the transition, claiming a tokenised means of payment will save billions of dollars.