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Rich Turrin

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China’s CBDC will Impact Australia’s Trading Partners

Great honor to speak with Australia’s leading financial newspaper the Financial Review!

There is a sense in Australia that a CBDC isn’t necessary.  This may be true, but there is great concern that APRA is not factoring in the impact of regional CBDCs on trade.

 

Richard Turrin, author of Cashless, China’s Digital Currency Revolution, who has also worked with Commonwealth Bank of Australia, says local regulators and the RBA have been slow to recognise the momentous shift taking place in China and how quickly Australia’s Asian trading partners could start using their own digital currencies.

 

“China is a first-mover in CBDCs and other countries have realised they do a lot of business with China and they’re going to have one, so if this takes us away from the US dollar and makes it less expensive to transact we should make sure we do too,” Mr Turrin said.

 

Article link

APRA warns RBA digital currencies could bypass bank deposits

 

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By Rich Turrin

About Rich Turrin

Rich Turrin is the international best-selling author of “Cashless - China’s Digital Currency Revolution” and “Innovation Lab Excellence.” He is an Onalytica Top 100 Fintech Influencer and an award-winning executive previously heading fintech teams at IBM following a twenty-year career in investment banking. Rich is a leading media commentator and advisor on China's digital currency and tech scene. Living in Shanghai for more than a decade, Rich experienced China going cashless first-hand.

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