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Australia’s Central Bank Digital Currency Coming 2023

The Future of Digital Currency in Australia

The Reserve Bank of Australia (RBA) is expecting to push forward with its central bank digital currency (CBDC) pilot by mid-2023, according to a white paper published on Monday.

 

The purpose of the pilot is to “explore innovative use cases” that could be supported by the issuance of a CBDC, a media release said.

 

The plan, according to the Reserve Bank of Australia (RBA), is to research the use cases for a CBDC in Australia and try it out in an experiment using Quorum, an enterprise-grade, private variant of Ethereum. 

 

The whitepaper states the project was also looking into regulatory considerations associated with a CBDC.

 

This actually kicked off in July and is being run in partnership with the Digital Finance Cooperative Research Centre (DFCRC), which means that the RBA won’t necessarily release a CBDC. However, the bank is seeking feedback from industry participants that will “contribute to ongoing research.”

 

The experiment is expected to end in the beginning of next year with results to be published in mid-2023, according to the document.

 

According to CoinTelegraph, the document was published in the wake of Australian opposition politician Andrew Bragg criticising the current government, led by Prime Minister Anthony Albanese, on its “inaction” when it came to cryptocurrency. The Albanese government has meanwhile announced it will use “token mapping” as a framework for regulation.

 

We did an article on that here. 

 

The white paper provides additional details on the CBDC project including that Australia’s pilot currency would be called eAUD, and all participants in the project will need to be invited and approved.

 

 

As Decrpyt states, CBDCs are different from other digital currencies like Bitcoin because they are centralised. Bitcoin is decentralised meaning no central party has control of it. But CDBCs like the eAUD are controlled by the state’s central bank (ie the RBA). 

 

Increasingly advancing times in the cryptocurrency industry within Australia as things continue to heat up. Around the globe, last week, five speakers at a hearing for the U.S. House Committee on Financial Services voted in favour of the U.S. developing a digital currency in some form, citing concern that it may be falling behind China.

Conclusion:

As Australia continues to explore the potential of a central bank digital currency (CBDC) with the Reserve Bank’s eAUD pilot, the cryptocurrency landscape is evolving at a rapid pace. While CBDCs bring a centralized digital currency option to the forefront, Bitcoin mining and decentralized cryptocurrencies remain a cornerstone of the global digital economy. For crypto enthusiasts and investors in Australia, this presents a unique opportunity to engage with the transformative potential of blockchain technology.

If you’re a Bitcoin miner or looking to delve into crypto mining hosting, now is the perfect time to align with industry trends and position yourself for success. With the growth of crypto mining in Australia, having access to reliable infrastructure, market insights, and expert guidance is essential to maximize profitability.

Mining Store, a trusted name in cryptocurrency mining solutions, offers everything you need to thrive in this dynamic environment. From advanced Bitcoin mining setups to tailored crypto mining hosting solutions, our team is here to help you achieve your goals. Book your free 30-minute consultation today and discover how we can assist you in navigating the future of cryptocurrency in Australia. Let’s mine success together!

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