Copy link
Increase text size
Decrease text size
Link copied

Australia creates a partnership that will explore central bank digital currency

Australia is launching a project that will explore the implications of a CBDC on an Ethereum-based DLT platform.

Image by hannahflk from Pixabay

Mon, 02 Nov 2020, 08:54 am UTC

Australia is joining an increasing number of countries that are seriously considering the issuance of their own central bank digital currency (CBDC). The country’s central bank has recently formed a partnership with three firms to explore the potential use and implications of issuing its own government-backed digital currency.

The Reserve Bank of Australia (RBA) announced on November 2, 2020, that it has partnered with three firms on a project that will explore the potential use of a wholesale central bank digital currency, Cointelegraph reported. The central bank added that the project is part of its ongoing research on wholesale CBDC.

Two of its partners, the Commonwealth and the National Australia Bank, come from the financial sector. Meanwhile, the third partner is the blockchain firm Perpetual and ConsenSys Software.

The project will explore the development of a proof-of-concept (POC) for the “issuance of a tokenized form of CBDC.” The Australian central bank also mentioned that the project will test the possibility of using the CBDC as funding, settlement, and repayment of a tokenized syndicated loan on an Ethereum-based DLT platform. The bank is also interested in exploring the “implications of ‘atomic’ delivery-versus-payment settlement on a DLT platform.”

“With this project, we are aiming to explore the implications of a CBDC for efficiency, risk management, and innovation in wholesale financial market transactions,” RBA’s Assistant Governor (Financial System) Michele Bullock said. “While the case for the use of a CBDC in these markets remains an open question, we are pleased to be collaborating with industry partners to explore if there is a future role for a wholesale CBDC in the Australian payments system.”

The RBA said that the project will be completed by the end of 2020. The participating partners will publish a report showing their findings by the first half of 2021.

With the recent move, it appears that the Reserve Bank of Australia has changed its stance on central bank digital currency. Back in September, the RBA was reportedly skeptical of CBDC and even stated that there was no strong policy case for its issuance.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.11.08 09:20:56
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door ???? inbox me for more info....contact me on WhatsApp +1(206)-742-5358 thank you to you all and God bless you .
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $36,642.50 (+1.08%)
  • Ethereum (ETH) $1,257.41 (+0.94%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Cardano (ADA) $0.371500 (-3.70%)
  • Litecoin (LTC) $152.14 (+5.75%)
  • Bitcoin (BTC) $36,642.50 (+1.08%)
Jan 27, 2021 (Wednesday)
13:02
BTC Surges by 1.02% Within 5 Mins, Marking 30,954 USDT
11:43
BTC Drops by 1.01% Within 5 Mins, Marking 31,271.8 USDT
10:40
F2Pool To Suspend Payment Of CKB Mining Earnings On Jan 28
10:18
Whitepaper Of MOV Lending Protocol Released
10:02
BTC Tops List Of Crypto Net Outflows With $102.40 Mln In Past 18 Hours
09:59
UN Stamps Launches Ethereum-Powered UN Crypto Stamp
09:55
Huobi Global To Suspend ADA Deposits And Withdrawals
09:54
SushiSwap Falls Victim To Attack Again, And Hacker Make A Big Fat Profit
09:35
Ripple Client ACI Chosen For Fed’s Pilot Program, While One More Exchange Joins RippleNet
09:14
BTC Drops Below 31000 USDT
09:05
CoinNess DeFi Report: Assets Locked In DeFi Mark $35.74 Billion
08:54
Furucombo Partners With Synthetix
08:24
EY’s Paul Brody Expects Consumer DeFi Ignition In 2021
08:22
F2Pool: VTC Is Expected To Conduct Hard Fork On Jan 30
08:19
Independent Reserve Announces To Delist BSV
07:14
OKEx: Props Token (PROPS) Now Available
06:30
Ripple Hit With Yet Another Lawsuit Over Securities Law Violations
06:21
Effective Hashrate Of Filecoin's Entire Network Marks 2.116 EiB
06:19
24H Trading Volume Of Uniswap Tokens Marks $710 Mln
04:54
Plasm Network announced that ZK Rollups integration test has been successfully completed.
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft