There are people who look forward and those who fear the day when all of society will be cashless.
Many countries with advanced and developed financial markets ecosystems are moving to the next stage of the implementation of a fully-digital ecosystem. In many cases, their governments and central issuers for fiat currency are discussing the implementation what is called CDBCs. This acronym stands for Central Bank Digital Currencies.
Central Bank Digital Currencies, which are digital versions of sovereign currencies, are being developed by many countries in Europe, North America and South East Asia. They are also available for roll-out. One such country is Australia.
Although the rollout of these CDBCs has not yet been completed, there are a lot of speculations about the possibility of an Australian central bank, The Reserve Bank of Australia, making such a move.
This speculation is being fueled by a recent move by ANZ Bank, one of Australia’s largest Tier 1 financial institutions and the country’s largest institutional and corporate bank.