Central Bank of Australia investigates digital currency and chooses Ethereum blockchain

The Australian central bank is currently investigating a digital currency (CBDC). According to a press release, the central bank is looking at a system based on Ethereum.

Collaboration with ConsenSys
The Reserve Bank of Australia (RBA), the central bank of Australia, cooperates with the Commonwealth Bank and the National Australia Bank to that end. The bank also has a partnership with ConsenSys, a blockchain company owned by Joseph Lubin. The latter is one of the co-founders of Ethereum.

At the end of the study, the RBA hopes to have developed a working concept. It is expected that the results of the research can be presented at the beginning of 2021.

Australia changed its mind

It is extraordinary that Australia wants to investigate the advent of a digital currency. Just over a fortnight ago, Tony Richards, head of payments at the RBA, said he was not keen on a digital currency.

Apparently Australia is now moving in a different direction. Michele Bullock is Assistant Governor of the RBA. She explains the position of the central bank:

„While the case of a CBDC in this market is an open question, we are pleased to work with our partners to examine whether there is a role for a CBDC in the Australian payments system“.

China, Sweden and the Bahamas
Australia is not the only country looking into the possibility of launching a CBDC. China and Sweden seem to be at the forefront of developing their own digital currency. The former is already testing the Bitcoin Bank software digital yuan, and has organised an airdrop for some Chinese residents.

Last month we also wrote about the Bahamas, which have introduced the Sand Dollar to the archipelago. Since the end of October, the 385,000 inhabitants have been able to pay with the new currency.

But they are also looking closer to home for a digital currency. For example, the European Central Bank is asking the opinion of European citizens on a digital euro. It strongly seems that the ECB, too, does not want to lag behind all developments.

Translated with www.DeepL.com/Translator (free version)

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