Reserve Bank digital currency to be ‘similar’ to how other cryptocurrencies operate

A pilot program for a digital currency launched by the Reserve Bank is set to be “similar to the way cryptocurrencies” operate, but will be linked and backed by the Australian dollar, says Sky News Business Editor Ross Greenwood.

“If you were to go on this type of a stable coin … a central bank-backed digital currency, effectively you could transfer money almost immediately,” Mr Greenwood said.