The Reserve Bank of Australia (RBA) plays cryptographic explorers. It wants to study more closely the impacts of the creation of a digital currency.
The RBA is cautious about diving into a state-owned crypto; this is far from the dynamism of China, where a Huawei Mate 40, which natively accepts the digital yuan, presages an imminent launch of the latter.
A CADC on Ethereum
The Reserve Bank of Australia, which until now has been camping on its unfavorable positions in cryptomoney, has announced the launch of a potential project to create its State Cryptomoney Bank (SBCB).
In a press release dated November 2, 2020, the Australian regulator announced its collaboration with the Commonwealth Bank, the National Australia Bank, the financial services company Perpetual, and the company Consensys, to explore the possible uses of a digital currency on a large scale.
The partner companies will explore the possibility of developing a proof of concept for the issuance of a CADC using an Ethereum (ETH) based platform.
The RBA specifically mentioned the possibility for large investors to use CBAD for syndicated loans on a blockchain platform.
They could also explore the implications of delivery against a guarantee of payment of the securities with inter-chain atomic swaps.
We're exploring but, we're not a fan!
RBA Deputy Governor Michele Bullock said the institution wants to explore the impacts of CDBC in terms of efficiency, risk management and innovation in wholesale capital market transactions.
However, Australia remains cautious in its official statements and stresses that the use of a CADC remains an open topic for discussion.
The RBA had stated that there was no strong case for CBDCs but would continue to research the issue.
For the time being, the RBA is satisfied with this collaboration with important partners in the financial sector.
It also highlights the success of its New Payments Platform, presented as an alternative to CBDCs.
The RBA is also ready to provide access to banknotes to Australian citizens, as long as it proves necessary.
Which Northern country will come last in the race for CBD, due to hesitation and "cautious" political speeches, hiding above all a reluctance to admit the usefulness of cryptomoney? The last are the first? Maybe, but, Bitcoin (BTC), stablecoins like Tether (USDT), and the digital yuan, prefer to get a good head start on their competitors.
Post a Comment