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Home » Australia, Canada, and Colombia made right decisions to halt CBDC plans

Australia, Canada, and Colombia made right decisions to halt CBDC plans

Van Tran by Van Tran
October 12, 2024
in Policy & Regulation
Australia, Canada, and Colombia made right decisions to halt CBDC plans
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Australia, Canada, and Colombia have recently put brakes on their plans to launch central bank digital currencies (CBDCs). Interestingly, the opposition this time is coming not just from citizens but from the central banks themselves. This shift in stance may encourage other central banks to reconsider their CBDC strategies.

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The Reserve Bank of Australia stated that there is currently no strong case for issuing a retail CBDC in the country. Likewise, Colombia’s central bank, Banco de la República, expressed a similar viewpoint, arguing that there aren’t sufficient reasons to issue a CBDC in either retail or wholesale form. The Bank of Canada has also scaled back its efforts on CBDC development, focusing instead on broader payment system research and policy.

The reasons for this shift are multifaceted. First, central banks acknowledge that private sector solutions, such as mobile banking, payment apps, and cryptocurrencies, already offer people a variety of financial options. 

Second, there is concern that CBDCs could destabilise the traditional financial system by increasing the likelihood of bank runs and reducing bank deposits.

Retail CBDC status in advanced economies. Source: Reserve Bank of Australia

Lastly, the potential impact on cash usage is a key issue. While many argue that CBDCs are necessary because cash is in decline, the Reserve Bank of Australia warned that introducing a CBDC could hasten the demise of physical currency.

Critics of CBDCs, including the Cato Institute’s Norbert Michel and the Bitcoin Policy Institute’s Natalie Smolenski and Dan Held, have long warned about the risks to financial privacy and freedom. They argue that CBDCs would give governments too much control over people’s money, enabling surveillance of transactions. Others, like Circle’s Dante Disparte, have voiced concerns about central banks having direct access to personal bank accounts through CBDCs.

Despite these concerns, the central bank pushback is relatively new. Until recently, official objections to CBDCs have been rare, with most governments pressing ahead. Even the International Monetary Fund (IMF) has been a strong advocate for CBDCs, with its managing director, Kristalina Georgieva, likening their development to a courageous “voyage” that requires determination.

However, the recent actions by Australia, Canada, and Colombia suggest that support for CBDCs isn’t universal. While their statements aren’t final, this development indicates that the global rollout of CBDCs may not be as inevitable as once thought.

Nicholas Anthony, a policy analyst at the Cato Institute, is a vocal critic of CBDCs, arguing that the potential downsides outweigh the benefits. He emphasises the importance of financial privacy and has authored books on the subject, including Digital Currency or Digital Control? Decoding CBDC and the Future of Money.

Tags: FeatureTop Crypto News Australia | CoinCulture
Van Tran

Van Tran


EDUCATION
Bachelor of Finance, University of Virginia
SUMARY Van Tran brings over a decade of experience in the financial services industry, with a specialisation in cryptocurrency. She used to serve as a Senior Crypto Writer at Coin68, where she managed ecosystem and trading guide columns and led the trading department. Her expertise includes trade review, compliance, suitability evaluation, and supervisory programs.
EXPERIENCE
Senior Crypto Writer, Coin68 (2020-2022) Managed ecosystem and trading guide columns. Led the trading department, overseeing trade review and compliance. Evaluated suitability and ensured compliance with education requirements. Implemented and supervised compliance programs for representatives.

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