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Australia – eAUD digital currency pilot program (MNBC)

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The Australian government has made a recent major entry into. regulatory management of the cryptocurrency sector.. A topic that until then had remained warm in the comfortable boxes of legal loopholes. But the trend has definitely changed and digital seems to be the new fashion of its political and monetary leaders. The proof is in the pudding, the recent publication of the official white paper of its future central bank digital currency (CBDM).. With a pilot version planned for next year.

Even regulators are losing their balance as they too fall down the digital rabbit hole of cryptocurrencies. However, the consequences are definitely different, as they involve a regulatory takeover that is very rarely positive for this sector. All this, above all, in parallel to the more or less coordinated implementation of a central bank digital currency (CBDN).. A chronology that does not escape Australiafollowing yesterday’s release of the official white paper on its upcoming eAUD.

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Of course, cryptocurrencies should not be confused with central bank digital currencies (CBDCs). Even if the latter are often put in place to curb the rise of the former and their impact on a financial stability that no longer means anything. Because they are financial tools developed in parallel to the existing official offerings, with a bit of additional digital surveillance that is problematic.. And launches are often delayed by lengthy studies of the potential risks associated with these dematerialized currency versions.

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This is again the case in Australia, which announces. a pilot version planned for mid-2023. The objective is to “understand some of the technological, legal and regulatory considerations associated with a CBDC”.

Activity and innovation in digital finance suggests that new business models may emerge in a token ecosystem. Central banks are struggling to understand the role of value transfer in these emerging digital economies because of their role in issuing money, maintaining the stability of the financial system and supporting the development of the payment system. “

eAUD White PaperReserve Bank of Australia

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All in relation to the structure Center for Cooperative Research in Digital Finance (DFCRC), which aims to “seize the enormous business opportunities arising from the coming transformation of financial markets.” Y a research program funded by industry partners, universities and the Australian government.. With a one-year trial period. And, it seems important to note, an operation that in no way guarantees the publication of a central bank digital currency in the future.. A matter to follow…

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