Australia’s central bank is increasing its research into digital currencies, despite its scepticism about the case for issuing one, its head of payment policy said.

The risk of private sector initiatives dominating the payment space has led the Reserve Bank of Australia to “step up” research, said Tony Richards.

RBA officials have “not been convinced to date that a strong policy case has emerged in Australia for a CBDC”, Richards said in a speech on November 18.

The main reason for this