Reserve Bank Of Australia Proposes Centralised Digital Currency

Reserve Bank of Australia proposes centralised digital currency

Canberra 9 August : The Reserve Bank of Australia (RBA) has announced that it is launching an initiative to study the potential applications of an electronic currency that is federally backed.
The RBA stated it would, in cooperation with the Digital Finance Cooperative Research Centre (DFCRC) the bank would conduct a year-long trial on a small scale of central digital currency for banks (CBDC) as reported by Xinhua news agency.

 Reserve Bank Of Australia Proposes Centralised Digital Currency-TeluguStop.com

“The Bank and the DFCRC will choose a variety of different scenarios to take part in the pilot in order to help provide insight into the potential benefits of CBDC,” said the RBA.CBDC,” said the RBA.

Andreas Furche, CEO of the DFCRC said that the technology needed to create the creation of a digital currency was already available and the focus of the project was to understand the ways in which a CBDC could benefit Australia.

“The principal research questions right now include what economic advantages the CBDC could bring and how it could be designed to maximize these advantages,” he said.

In contrast to traditional digital currencies like Bitcoin or Ethereum, CBDC would be different from traditional digital currencies like Bitcoin and Ethereum.CBDC will be stable and controlled by the authorities.


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