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.

 

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APRA warns RBA digital currencies could bypass bank deposits