The Central Bank of Australia said that stablecoins will contribute to the modernization of the financial sector

According to the Reserve Bank of Australia, stablecoins will play a big role in modernizing the state’s payment system.

The regulator spoke in favor of introducing a regulatory framework for such instruments. The use of stablecoins in the domestic market is still limited, but their wider use will help increase the availability of financial services.

The press service of the Central Bank noted:

We support the development of a mechanism to regulate stablecoins. Its development will stimulate innovation, and the necessary protection of investors must be provided.

In addition to the widespread use of stablecoins, the Reserve Bank advocates the creation of a national digital currency (CBDC).

In mid-May, he reported on the successful testing of a token pegged to the Australian dollar. Canvas, a blockchain infrastructure development company, is participating in the CBDC creation project.

At the same time, the country’s authorities have not yet made a decision to issue a digital currency.

The government promises to make a decision after the completion of the research work, during which all potential risks will be analyzed and expert comments will be heard.

Australia expects to test the digital dollar in corporate settlements and in securities trading.