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Australian bank urges crypto community to suggestion for CBDC

Australian bank urges crypto community to suggestion for CBDC

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The Reserve Bank of Australia (RBA) and Digital Finance Cooperative Research Center (DFCRC) ask industry players to provide suggestions for use cases central bank digital currency (CBDC) to complete his trial.

The Reserve Bank of Australia (RBA) expects the digital currency that will be used in the trial and given a name “eAUD” offers new possibilities in terms of cost, speed and quality results.

In a white paper published on Monday, it mentioned possible uses such as core clearing of transactions involving tokenized assets, multi-party or syndicated transactions, block transactions that enable conditional or programmable transactions, as a verifiable reserve to reduce counterparty risks. , and for 24/7 functions. Among other possible uses, it mentioned the ability to enable programmable or conditional events.

The Reserve Bank of Australia (RBA) does not pay interest on any holdings

The Reserve Bank of Australia (RBA) does not pay interest on any holdings

During the pilot, the RBA will be responsible for all electronic AUDs issued; these eAUDs are Australian dollars. The Reserve Bank of Australia (RBA) does not pay interest on any holdings of electronic Australian dollar currency, and the RBA determines the amount to be released taking into account the needs of selected use case providers.

Only companies registered in Australia and individuals resident in Australia can hold eAUD, and to participate eAUD holders must be invited to participate, authorized and KYC-ed.

The white paper has a schedule that tells when the various activities will be implemented, and one of them is a pilot program that is supposed to be implemented in January-April 2023. Now it is being planned and implemented in cooperation with industry players. of the CBDC pilot, and the deadline for expressions of interest is October 31. The use cases selected for the pilot were announced in December, and the testing phase of the project will last from January to April of the following year. After the pilot is completed, it will publish a report in mid-2023, presenting the results in their entirety.

At the beginning of August, the RBA announced a new research project to investigate the potential applications of CBDC. With this move, the RBA joined the ranks of nations such as China, Thailand, Philippine Islands, Jamaicaand Swedishall of which currently have or plan to have CBDC pilots in the next year.

The Central Bank of China announced the other week that it was expanding the test drive e-CNY including seven other regions including Guangdong and Sichuan.

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