Bank of Australia: Stablecoins Have Potential to Take More Prominent Position in Financial System

The draft law of the Reserve Bank of Australia (RBA) on the regulation of crypto exchanges, custodial services and the issuance of “stablecoins” largely speaks to the potential that stablecoins have in taking a more prominent role in the financial system.

The Central Bank recognizes the need for an appropriate regulatory framework to ensure investments and user security, and notes that stablecoins can be widely used for payments.

Although the regulator has not yet decided on CBDCs, research is underway in this field, and the draft suggests that national digital currencies could improve domestic payment systems and be used in international payments.