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ConsenSys will develop CBDC for the Reserve Bank of Australia
Reserve Bank of Australia interested in CBDC
The final decision to launch CBDC will be made in 2021
Countries continue to implement CBDC
The Reserve Bank of Australia has announced partnerships with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys Software to explore the possibility of creating and launching a national digital currency (CBDC Paper notes and coins may be a thing of the past due to a new financial instrument – digital currency of central banks ( CBDC) .As … More).
Emphasis on wholesale consumers
The Reserve Bank of Australia has announced a partnership with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys Software, a blockchain technology company, as part of a joint project to explore the potential use of a wholesale form of central bank digital currency (CBDC). The future CBDC will be based on distributed ledger technology Distributed Ledger Technology (DLT) is an electronic database system distributed among several network nodes or … More (DLT) Distributed Ledger Technology (DLT) is an electronic database system distributed among several network nodes or … More).
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The project will include the development of a proof-of-concept (POC) algorithm to issue a tokenized form of CBDC that can be used by wholesale market participants to fund, settle and repay a blockchain-based tokenized syndicated loan, according to the official statement..
“In this project, we aim to study the impact of CBDCs on efficiency, risk management and innovation in wholesale financial markets operations. While the use of CBDCs in these markets remains an open question, we are pleased to be working with industry partners to clarify the role of CBDCs in the Australian payment system, ”said Michelle Bullock, Assistant Governor of the Reserve Bank of Australia..
The project is expected to be completed around the end of 2020, and the parties intend to publish a report on its implementation and key findings during the first half of 2021.
CBDC is in vogue for central banks
It is worth noting that Australia previously expressed doubts about the advisability of launching its own CBDC. Tony Richards, the head of the RBA payment policy department, said this at the UWA Blockchain and Cryptocurrency Conference.
According to Richards, the bank believes there is no compelling case for a public CBDC yet:
“Australian households and businesses have access to payment services that have evolved significantly in recent years to meet most needs.”.
However, the general trend in CBDC seems to have influenced the leadership of the Reserve Bank of Australia and contributed to a change in policy. It is worth noting that a number of other central banks have announced the development of CBDC.
Thus, the Head of the Canadian Central Bank confirmed the regulator’s plans to join forces with partners in the G7 to launch the Central Bank’s digital currency (CBDC), as reported by Reuters.
And South Korea’s central bank plans to launch a test distribution of its experimental digital won in 2021. We will remind, in June, the editorial staff of BeInCrypto reported that the Central Bank of South Korea instructed a special group to study the industry and give recommendations on legislation or amendments necessary to ensure the functioning of the CBDC..
According to South Korea’s plan, testing the token distribution system will be the final phase of a three-stage process. The first phase, design development and baseline technology audit were completed in July. Prior to the launch of the final stage, the Bank of Korea will analyze the processes involved in the CBDC infrastructure, and this stage will probably require the participation of independent consultants.
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