Wednesday, October 4, 2023
Market-Reporter
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
Market-Reporter
No Result
View All Result
Home Currencies

Reserve Bank of Australia to Pilot Digital Currency, Explore Use Cases – Finance Bitcoin News

MtR by MtR
August 10, 2022
in Currencies
0
Reserve Bank of Australia to Pilot Digital Currency, Explore Use Cases – Finance Bitcoin News

Related articles

Social Currency-famed Sakshi Chopra to enter Salman Khan’s show?

Social Currency-famed Sakshi Chopra to enter Salman Khan’s show?

October 4, 2023
Ethiopia hard-currency guarantee won’t fix debt restructuring, reputational risks

Ethiopia hard-currency guarantee won’t fix debt restructuring, reputational risks

October 4, 2023


Reserve Bank of Australia to Pilot Digital Currency, Explore Use Cases

The monetary authority in Australia is beginning research into the potential economic benefits of issuing a central bank digital currency. Within the project, the regulator hopes to identify use cases and intends to develop a limited-scale pilot.

Central Bank of Australia Working on Digital Currency Program

The Reserve Bank of Australia (RBA) announced the launch of a research program to explore the benefits of issuing a central bank digital currency (CBDC) for the country’s economy. The project, expected to take about a year, will be realized together with the Digital Finance Cooperative Research Centre (DFCRC), an industry group partially funded by the Australian government.

Besides clarifying certain legal, regulatory and technological aspects, the project will also aim to identify innovative use cases for a state-issued digital currency as well as business models that could be supported through a CBDC, the monetary authority unveiled in a statement.

According to a survey conducted by the Bank for International Settlements in 2021, the majority of central banks are researching the feasibility of CBDCs. While acknowledging the progress made in that respect, including by exploring the potential implementation of technologies like distributed ledgers, the RBA noted:

A question that has received less attention to date, especially in countries like Australia that already have relatively modern and well-functioning payment and settlement systems, is the use cases for a CBDC and the potential economic benefits of introducing one.

As part of the initiative, a limited-scale pilot will be developed in a closed environment with a pilot CBDC that is a real claim on the Reserve Bank, the RBA also revealed, quoted by Reuters. Interested industry participants will be invited to develop solutions demonstrating how a CBDC could be used to provide new payment and settlement services for both households and businesses, the authority added.

A range of use cases will be selected by the RBA and DFCRC and included in the pilot. Their assessment will be provided in a subsequent report. “The findings will contribute to ongoing research into the desirability and feasibility of a CBDC in Australia,” the bank said. The two institutions will be joined by the Australian Treasury participating as a member of the project’s steering committee.

Deputy Governor of the Reserve Bank of Australia Michele Bullock described the program as an important next step in the research on central bank digital currency as the regulator is seeking to better understand the potential benefits.

“CBDC is no longer a question of technological feasibility. The key research questions now are what economic benefits a CBDC could enable, and how it could be designed to maximize those benefits,” added Andreas Furche, the chief executive of the DFCRC.

Tags in this story
Australia, australian, Bank, CBDC, CBDCs, Central Bank, Crypto, Cryptocurrencies, Cryptocurrency, Digital Currency, Explore, program, project, rba, Research, Reserve Bank of Australia, use cases

Do you think Australia will eventually issue a central bank digital currency? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.




Image Credits: Shutterstock, Pixabay, Wiki Commons, EyeofPaul

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It





Source link

Related Posts

Social Currency-famed Sakshi Chopra to enter Salman Khan’s show?

Social Currency-famed Sakshi Chopra to enter Salman Khan’s show?

by MtR
October 4, 2023
0

She could be on the show with her mama, Meenakshi SagarSakshi ChopraOne personality to gained the maximum attention on the...

Ethiopia hard-currency guarantee won’t fix debt restructuring, reputational risks

Ethiopia hard-currency guarantee won’t fix debt restructuring, reputational risks

by MtR
October 4, 2023
0

Moves by Ethiopia’s central bank to allow convertibility of the birr into hard currency for projects deemed strategic is at...

PA STATE POLICE ATTEMPT TO IDENTIFY SUSPECT IN COUNTERFEIT CURRENCY INCIDENT – KITTANNING – ARMSTRONG COUNTY

PA STATE POLICE ATTEMPT TO IDENTIFY SUSPECT IN COUNTERFEIT CURRENCY INCIDENT – KITTANNING – ARMSTRONG COUNTY

by MtR
October 3, 2023
0

The Pennsylvania State Police Troop D - Kittanning responded to Walmart located at 1 Hilltop Plaza, Kittanning, Armstrong County for...

The Ocean’s Currency: Cowrie Shells in African Art

The Ocean’s Currency: Cowrie Shells in African Art

by MtR
October 3, 2023
0

It starts on the bottom of the ocean, when larvae hatched from the eggs of a sea snail begin to...

SCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST PLC – Notice of Dividend Currency Exchange Rate (South African Rand) – Sens

SCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST PLC – Notice of Dividend Currency Exchange Rate (South African Rand) – Sens

by MtR
October 3, 2023
0

Notice of Dividend Currency Exchange Rate (South African Rand) Schroder European Real Estate Investment Trust plc(Incorporated in England and Wales)Registration...

Load More
  • Trending
  • Comments
  • Latest
Bank of England tells ministers to intervene on digital currency ‘programming’

Bank of England tells ministers to intervene on digital currency ‘programming’

June 21, 2021
Tips for checking smoke alarms during daylight saving time

Tips for checking smoke alarms during daylight saving time

March 12, 2022
GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

July 9, 2021
What will Durham County education bonds pay for? A full list

What will Durham County education bonds pay for? A full list

July 8, 2022
African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

0
Maxum Foods releases Global Dairy Commodity Update for June

Maxum Foods releases Global Dairy Commodity Update for June

0
Letter: Perpetual bonds can help states fight hunger

Letter: Perpetual bonds can help states fight hunger

0
United Kingdom ETFs Are Riding the Re-Opening Momentum

United Kingdom ETFs Are Riding the Re-Opening Momentum

0
Social Currency-famed Sakshi Chopra to enter Salman Khan’s show?

Social Currency-famed Sakshi Chopra to enter Salman Khan’s show?

October 4, 2023
Navigating Bear Markets: Top TSX Stocks Proven to Outperform

Navigating Bear Markets: Top TSX Stocks Proven to Outperform

October 4, 2023
India’s palm imports fall more than a quarter in Sept as stocks surge -dealers

India’s palm imports fall more than a quarter in Sept as stocks surge -dealers

October 4, 2023
BRI Strengthens Commitment to Sustainable Finance with New Green Bonds -October 04, 2023 at 03:01 am EDT

BRI Strengthens Commitment to Sustainable Finance with New Green Bonds -October 04, 2023 at 03:01 am EDT

October 4, 2023

Recent News

Social Currency-famed Sakshi Chopra to enter Salman Khan’s show?

Social Currency-famed Sakshi Chopra to enter Salman Khan’s show?

October 4, 2023
Navigating Bear Markets: Top TSX Stocks Proven to Outperform

Navigating Bear Markets: Top TSX Stocks Proven to Outperform

October 4, 2023
India’s palm imports fall more than a quarter in Sept as stocks surge -dealers

India’s palm imports fall more than a quarter in Sept as stocks surge -dealers

October 4, 2023

Categories

  • Asia
  • Bonds
  • Canada
  • Commodities
  • Cryptocurrencies
  • Currencies
  • Emerging Markets
  • ETFs
  • Europe & Middle East
  • IPOs
  • Latin America
  • Mutual Funds
  • Personal Finance
  • Real Estate
  • Retirement
  • Spending & Saving
  • Stocks
  • U.S. Markets
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Market-Reporter

No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate

© 2021 Copyright Market-Reporter