The Central Bank of Australia allows the possibility of complete withdrawal from circulation of cash


SYDNEY, February 26. /Corr.TASS Pavel Vanichkin/. One of the leaders of the Reserve Bank (Central Bank) of Australia Tony Richards believes that in future cash – banknotes and coins can leave the treatment in the country.

Such a forecast banker shared with participants in Sydney held the business conference. Richards noted that currently the Australian Reserve Bank “does not actively prepare” for the introduction into circulation of digital currency, but is closely monitoring the relevant research carried out by the Central banks of UK and Canada. “Recently, plans to begin issuing digital currencies announced the people’s Bank of China, although it has not provided the implementation details of such intentions, said Richards. – It is reasonable to assume that in the future the Central Bank of Australia will start to issue digital currency. At first but digital money will be in circulation along with money”.

Richards believes that after about two or three years, the country operates a system of cheque payments will disappear. In recent years, the volume of financial transactions using cheques is declining annually by about 30%, and there is every reason to believe that this process will continue, said the banker. According to him, currently the checks are mostly representatives of the older generation Australians and mainly to pay bills for housing and communal services. “However, more and more people embracing the Internet, including learning how to pay utility bill online”, said Richards.

According to the Central Bank, in 2007, approximately 70% of all financial transactions in Australia was carried out by means of cash, in 2013 – only 47%. However, Richards admitted that many Australians continue to have quite a large amount of cash. “It appears that a large portion of the population feels more comfortable in handling cash, and after the global financial crisis such people has become even more”, – noted the banker.