Central Bank Digital Currencies and the future of Australia

The potential implementation of Central Bank Digital Currencies (CBDCs) in Australia could bring about wholesale benefits across the country, but would also have significant implications for law reform.

In this episode of The Lawyers Weekly Show, host Jerome Doraisamy speaks with Clyde & Co partner Liam Hennessy about his work as a digital economy practitioner, the recently released RBA and Treasury paper exploring the suggested introduction of Central Bank Digital Currencies (CBDCs) in Australia, and the legal implications for the nation’s monetary system and economy.

Hennessy also reflects on the likely need for significant reform across banking, privacy, and consumer protection laws; the presumed benefits across society from the introduction of CBDCs Down Under; how Australia is faring relative to global counterparts on these questions at present; the lessons we can learn from overseas jurisdictions; and what will constitute best practice for lawyers working in this space, particularly when advising clients.

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