CBDC is no longer a question of technological feasibility, but is it desirable?

The Reserve Bank is collaborating with the Digital Finance Cooperative Research Centre (DFCRC) on a research project to explore use cases for a central bank digital currency (CBDC) in Australia.

Considerable research has been undertaken by central banks, including the Reserve Bank, into the feasibility and possible technical design of CBDC, in particular exploring the potential use of new technologies such as distributed ledger technology. 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.

The project with the DFCRC will help address this gap by focusing on innovative use cases and business models that could be supported by the issuance of a CBDC. The project will also be an opportunity to further understanding of some of the technological, legal and regulatory considerations associated with a CBDC.

The project, which is expected to take about a year to complete, will involve the development of a limited-scale CBDC pilot that will operate in a ring-fenced environment for a period of time and is intended to involve a pilot CBDC that is a real claim on the Reserve Bank. Interested industry participants will be invited to develop specific use cases that demonstrate how a CBDC could be used to provide innovative and value-added payment and settlement services to households and businesses. The Bank and the DFCRC will select a range of different use cases to participate in the pilot, based on their potential to provide insights into the possible benefits of a CBDC. A report on the findings from the project, including an assessment of the various use cases developed, will be published at the conclusion. The findings will contribute to ongoing research into the desirability and feasibility of a CBDC in Australia.

The Australian Treasury is participating as a member of the steering committee for the project, as part of its joint work with the Reserve Bank on exploring the viability of a CBDC in Australia.

A paper will be published in the next few months that will explain the objectives and approach of the project in more detail and how industry participants will be able to engage.

‘This project is an important next step in our research on CBDC. We are looking forward to engaging with a wide range of industry participants to better understand the potential benefits a CBDC could bring to Australia,’ said Michele Bullock, Deputy Governor of the Reserve Bank.

Dr Andreas Furche, CEO of the DFCRC, said ‘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 maximise those benefits.’

About the Digital Finance Cooperative Research Centre (DFCRC)

The DFCRC is a 10-year, $180 million research program funded by industry partners, universities and the Australian Government, through the Cooperative Research Centres Program. The DFCRC’s mission is to bring together stakeholders in the finance industry, academia and regulatory sectors to develop and harness the opportunities arising from the next transformation of financial markets – the digitisation of assets that can be traded and exchanged directly and in real-time on digital platforms. The Reserve Bank is an industry partner of the DFCRC, and is using its involvement in the DFCRC to support work on its strategic focus area on supporting the evolution of payments, including through research on CBDC.

Enquiries: Reserve Bank of Australia

External Communications
Secretary’s Department
Reserve Bank of Australia
SYDNEY

Phone: +61 2 9551 9720
Email: rbainfo@rba.gov.au

Enquiries: Digital Finance Cooperative Research Centre

Steph Manefield
Chief Operating Officer
Digital Finance Cooperative Research Centre
SYDNEY

Phone: +61 478 220 277
Email: steph@dfcrc.com

About Editor, cairnsnews

One of the few patriots left who understands the system and how it has been totally subverted under every citizen's nose. If we can help to turn it around we will, otherwise our children will have nothing. Our investigations show there is no 'government' of the people for the people of Australia. The removal of the Crown from Australian Parliaments, followed by the incorporation of Parliaments aided by the Australia Act 1987 has left us with corporate government with policies not laws, that apply only to members of political parties and the public service. There is no law, other than the Common Law. This fact will be borne out in the near future as numerous legal challenges in place now, come to a head soon.

Posted on December 12, 2022, in ABC, CBDC, Reserve Bank and tagged , . Bookmark the permalink. 10 Comments.

  1. Nazi
    – a derogatory epithet invented by Jew, Konrad Heiden

    A control card to anyone who opposes the white genocide

    Like

  2. Very latest developments in digital currency world.

    ‘Sam Bankman-Fried of cryptocurrency giant FTX and trading firm Alameda Research, has been arrested in the Bahamas on criminal charges, the Bahamas Attorney General’s Office announced Monday. The arrest “followed receipt of formal notification from the United States that it has filed criminal charges against SBF and is likely to request his extradition,” the office said.

    He will be held at MCC, the same dungeon in which Jeffrey Epstein supposedly committed suicide. WIth his connections with all the Democrats, this is going to be interesting to see if he too suddenly commits suicide.’

    Although I can’t prove it, I immediately thought, that maybe Blankman-Fried was another Mossad op?. An orchestrated scandal through which to destroy public confidence in alternative non-Governmental digital payment systems? Thus, directing the frightened sheep into the ‘safety’ of the Government authorised version.

    We’ll see.

    I’ll stick with a personal gold backed digital payment system, like Russia and others are doing.

    Like

  3. For those paying attention in this department, it would appear that the digital currency competition are being slowly eliminated.

    Nikolai Mushegian, Tiantian Kullander, Vyacheslav Taran, along with crypto exchange founder, Gerald Cotton have all died under dodgy circumstances.

    Mushegian’s last Tweet, said ‘CIA and Mossad and pedo elite are running some kind of sex trafficking entrapment blackmail ring out of Puerto Rico and Caribbean Islands.’ He was dead a few hours later.

    Alternative non-Government authorised digital payment systems offer the opportunity for making discrete payments without the Government control [and tax issues].

    There are also gold backed versions in existence, where the account holder has real gold held in their account, and digital payments are made from this. Glint-Pay is one such example.

    https://glintpay.com/

    For safety, look into the non-Government alternatives.

    Liked by 1 person

  4. TonyRyan once again a fountain of knowledge and I pretty sure you are not gaslighting. Thank you, you need to get out there probably with Alex Antic.
    You would nail it. “coming to a classroom near you” could be your slogan watch them scamper!!!

    Cheers Blisskitt

    Like

  5. A ridiculous and unnecessary move. Cash will always be king.

    Like

  6. Sign the petition asap before it closes: En4638 Disavantages of Central Bank Digital Currencies https://www.aph.gov.au/e-petitions/petition/EN4638

    Like

  7. Gather ’round children and I’ll tell you a story.

    Once upon a time, two successful Aussie businessmen got together to discuss a horrifying situation that they had both stumbled on. They discovered that the Reserve Bank of Australia, and Treasury, were not run by the government but by the Rothschild-owned Bank for International Settlements in Basle Switzerland.

    The two men, John Siddons of Sidchrome fame and John (surname forgotten) of the top advertising firm in Australia, got together to form their own political party, which they named the Australian Democrats. Seven months later, they accepted the request by a Liberal, Don Chip, to join the party and realised too late that he had been parachuted in to destroy the party.

    John Siddons gave up politics in disgust, but John moved to Noosa and formed another party, the Great Australians. But he was now old and tired and invited the Tariff Restoration Bloc to take over the role. This was around 2012. Even though they were joined by the Australian Independents, a support organisation for independent candidates, harsh experience showed that candidates quickly developed a messiah complex and decided they were wise and knowing and could go their own way. Most of you will remember how well that went.

    But the point is, some Australians have known about the plot to take over Australia by introducing digital currency for more than four decades. There is nothing new in this and the advance plans were known in New York by 1960.

    Lose hard cash and you lose all freedom. That is the equation that the two Johns understood.

    Aussies don’t just disregard history, they never learned it in the first place.

    Liked by 1 person

  8. The decision to introduce a CBDC is already made. You can add that to the digital ID and all the dystopian control it accomplishes.

    Like

  9. ha… well until there is a referendum on whether the Australian people want to discard physical cash then its not happening… otherwise its just another crime to add to their already burgeoning Traitors fact sheet ..

    Like

  10. All about the jew world orderdepopulationvaccinations and control

    Like

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