Australia Launches Digital Currency

[El Presidente]

Why is it interesting?

Crypto's supported by central banks may see the end of enforceable US restrictions on companies and governments sending money around the world for Cuban goods, services and products. 

This story was taken from a Havana news service highlighting how important the issue is to Cuba. 

 

Australia launches digital currency

 

Canberra, Nov 2 (RHC) Australia's central bank announced on Monday the launch of a project to "explore the potential use and implications of a wholesale form of central bank digital currency (CBDC)," using technology distributed ledger.

The Reserve Bank of Australia (RBA) detailed in a statement that it will partner for this project with the Commonwealth Bank, the National Bank of Australia, the financial services company Perpetual and ConsenSys Software, a blockchain technology company.

 

The collaborative project involves the development of a proof of concept for the issuance of "a tokenized form of digital currency." This can be used by wholesale market participants "for the financing, settlement and repayment of a tokenized syndicated loan" on a distributed ledger technology platform based on Ethereum, the financial institution maintains.

The Deputy Governor of the Reserve Bank of Australia, Michele Bullock, explains that this project seeks "to explore the implications of a CBDC for efficiency, risk management and innovation in wholesale financial market transactions."

The project is expected to be completed in late 2020, with the parties releasing a report with their main findings during the first half of 2021.

[BeerPimp]

Interesting.   But we need to crowdsource an awesome name for this currency.   When thinking about a name be mindful that you need to associate a three letter designation for the coin.

[benfica_77]

Ken should make his own crypto currency 5 Gargett's is equivalent to SLR DC in value. When the washington football team loses the value of his currency goes down. 

[mprach024]

2 hours ago, El Presidente said:

Why is it interesting?

Crypto's supported by central banks may see the end of enforceable US restrictions on companies and governments sending money around the world for Cuban goods, services and products. 

International Politics, there’s a lot of ways to skin a cat, and lot of ways to hold ones feet to the fire.  Good luck I hope it works out.

[Taco]

This is a massive and important change in monetary policy. Cutting out banks makes many transactions worlds easier. Imagine being able to send any amount of money to anyone in the world instantaneously for a few cents. 

[El Presidente]

1 hour ago, Taco said:

This is a massive and important change in monetary policy. Cutting out banks makes many transactions worlds easier. Imagine being able to send any amount of money to anyone in the world instantaneously for a few cents. 

and without moronic oversight from third parties because it vaguely involves a 50 year old grudge.