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Australia's Central Bank Kicks Off CBDC Research Project With ConsenSys as Partner
The partnership, which also includes top Australian banks, will explore the possible use and implications of a wholesale form of central bank digital currency using distributed ledger technology.
The Australian central bank announced Monday it's partnering with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys to explore the possible use and implications of a wholesale form of central bank digital currency (CBDC) using distributed ledger technology (DLT).
STORY CONTINUES BELOW
- The Reserve Bank of Australia (RBA) said the project will involve the development of a proof-of-concept (POC) for the issuance of a tokenized form of CBDC for use by wholesale market participants for the funding, settlement and repayment of a tokenized syndicated loan on an Ethereum-based DLT platform.
- The RBA also said the project will look into other potential programmability and automation features of a tokenized CBDC and financial assets.
- "We are aiming to explore the implications of a CBDC for efficiency, risk management and innovation in wholesale financial market transactions," Assistant Governor of the RBA (Financial System) Michele Bullock said.
- "We are pleased to be collaborating with industry partners to explore if there is a future role for a wholesale CBDC in the Australian payments system," Bullock added.
- The project is expected to be completed around the end of 2020 and a report will be issued on the project during the first half of next year, the central bank said.
See also: Australia to Spend $575M on Tech Including Blockchain to Boost Pandemic Recovery
Kevin Reynolds
Kevin Reynolds is editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
