According to Reuters, consumer-focused digital tokens issued by private companies could be better than central bank-issued tokens assuming the companies can be regulated appropriately, the Australian central bank governor Phillip Lowe said on Sunday. Phillip Lowe said in a panel discussion at the G20 finance officials meeting in Indonesia: “If these tokens are going to used widely by the community they are going to need to be backed by the state, or regulated just as we regulate bank deposits. I tend to think that the private solution is going to be better - if we can get the regulatory arrangements right - because the private sector is better than the central bank at innovating and designing features for these tokens, and there are also likely to be very significant costs for the central bank setting up a digital token system." Lowe and his fellow panelists agreed that more needed to be done to create a sufficiently strong regulatory system for such tokens.