The Reserve Bank of Australia has released a report on the perceived value of central bank digital currency privacy and safety provisions, and found little interest in them.
The Reserve Bank of Australia has examined the value the public would place on a retail central bank digital currency . It looked at willingness to pay for the use of CBDC in a digital wallet and the privacy benefits that CBDC might offer.
The RBA described its hypothetical CBDC as “a digital currency that is even safer and potentially more private than commercial bank deposits” and used a discrete choice experiment to assess public valuations of goods without markets.The research considered fees for privacy and safety options of up to 5 Australian dollars , which is equivalent to about $3 U.S. dollars.
“This is consistent with bank deposits in Australia already being perceived as a safe form of money, and physical cash issued by the Reserve Bank of Australia continuing to be available as an alternative option.” Public resistance to CBDC could also color those findings, the RBA said. The survey assumed the use of a disintermediated system in which the RBA would open accounts for members of the public. Most live and trial CBDCs are intermediated and make us of the services of a financial institution to provide services for CBDC users. The report noted that some policymakers expect to design an intermediated CBDC, which would have different privacy options.Privacy data were much more complex.
In short, the study finds little public support for a retail CBDC. The RBA has made numerous previous studies of CBDC, most of which
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