The Australian Financial Review: Australia, US May Follow Europe On Digital Currencies

Central bank digital currencies are “nearly inevitable” in Australia and the United States given Europe is preparing to launch a digital euro to fend off a threat from technology companies wanting to issue money, says a senior partner at Oliver Wyman.

The European Commission plans to introduce legislation early next year to set up the creation of a digital euro, a process that could take around five years, while China launched a pilot of its e-yuan in January.

Douglas Elliott, a New York-based partner at Oliver Wyman, said the growing international momentum – the Bank of England and Bank of Canada are also studying the technology – will ultimately force Australia and the United States to follow with their versions of digital cash.

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