CRYPTONAIRE
WEEKLY CRYPTO investment journal
Australia Taps Ethereum for Digital Dollar (AUD) Project
The Reserve Bank of Australia, the country’s central bank, is exploring the use of a central bank digital currency, a digital form of fiat currency issued by the state. The central bank is partnering with Commonwealth Bank, National Australia Bank, and Perpetual and ConsenSys Software on the project. Central bank digital currencies have been dominating headlines recently. The European Union is asking the public about a decentralized, digital euro, China recently issued 10 million worth of digital yuan to its citizens, and Jerome Powell has discussed the US digital currency strategy at the IMF. Now, Australia doesn’t want to be left behind. “With this project we are aiming to explore the implications of a CBDC for efficiency, risk management and innovation in wholesale market transactions,” said Michele Bullock, assistant governor at the Reserve Bank of Australia, in a prepared statement. The current project is set to complete at the end of this year, with the main findings being published in the first half of 2021. The project will involve developing a proof of concept for a tokenized form of a CBDC. In other words, it will be a digital representation of a real, tradeable asset. It’s envisioned that this CBDC token can be used for funding, settlement and repayment of a tokenized loan on an unnamed Ethereum-based platform. Read more...
Cryptonaire Weekly | November 3rd 2020
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