Tuesday, 03 November 2020 09:22

RBA looking at blockchain-based currency with CBA, NAB and Perpetual Featured

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RBA looking at blockchain-based currency with CBA, NAB and Perpetual Image by Pete Linforth from Pixabay

The Reserve Bank of Australia is joining Commonwealth Bank, National Australia Bank, Perpetual and blockchain tech firm ConsenSys Software to look at the implications and use of a wholesale central bank digital currency (CBDC) that uses distributed ledger technology.

The RBA said in a statement on Monday that the project was part of ongoing research on wholesale CBDC.

It is expected to be completed by the end of the year and the companies involved intend to publish a report and their main findings during the first half of 2021.

Under the project, a proof-of-concept will be developed for issuing a tokenised CBDC that can be used by wholesale market participants for funding, settlement and repayment of a tokenised syndicated loan on an ethereum-based DLT platform.

The PoC will be used to explore the implications of "atomic" delivery-versus-payment settlement on a DLT platform as well as other potential programmability and automation features of tokenised CBDC and financial assets.

RBA assistant governor (Financial System) Michele Bullock said: ‘With this project we are aiming to explore the implications of a CBDC for efficiency, risk management and innovation in wholesale financial market transactions.

"While the case for the use of a CBDC in these markets remains an open question, 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."


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Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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