This is an edited version of the latest Adams/North discussion released in full on In The Interests Of The People.
This week the RBA made international headlines by declaring a research project into crypto currencies.
The Digital Finance Cooperative Research Centre (DFCRC) on a research project to explore use cases for a central bank digital currency (CBDC) in Australia.
The RBA announce coincides with the announcement by the Senate Select Committee on Australia as a Technology and Financial Centre.
Australians need to ensure that the RBA and the Federal Parliament does not impose totalitarian control through the Central Bank Digital Currency.
Australia is headed down a path with little democratic consent and there is a lot of uncertainty were public policy is going in Australia.
There is a possibility that CBDCs will improve economic life in Australia, but there is also a possibility that it may not.
The RBA cannot be allowed to alter economic life in Australia without a democratic mandate. The Prime Minister and Treasurer need to explain why CBDCs are being developed in Australia and what is the public policy case.
The Australian people must ensure that physical cash is never eliminated and that freedom and privacy remains the corner stone of Australia’s payment system and economic life.
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