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...Continue Reading
What is Token Mapping? Australia cryptocurrency entrepreneur, Fred Schebesta, has stated that whilst the token mapping by the Australian government is “wonderful”, he warns it could lead to some detrimental effects on the space and wider economy. You can read about the government’s prioritising of this token mapping in our article here. Fred is the co-founder of Finder – Australia’s leading comparison website and a global fintech – which sees more than 10 million visits each...Continue Reading
What is the Cryptocurrency Bill? Australian Liberal Politician Andrew Bragg wants to prepare Australia for a cryptocurrency bill the widespread use of China’s central bank digital currency (CBDC), the digital yuan. China’s Digital Yuan and Its Potential Impact on Australia On Monday, a draft of the digital assets Bill was introduced, being a Bill for an Act to provide for the regulation of activities relating to digital assets and reporting by certain banks that facilitate digital Yuan,...Continue Reading
What is Ethereum 2.0? A Game-Changer in Cryptocurrency Ethereum 2.0, the second largest cryptocurrency by market capitalisation, has successfully finally moved to its proof-of-stake consensus mechanism. In doing so it will reduce its energy consumption by a whopping 99.5% compared to its previous proof-of-work system. Per TheVerge, the enormous pollution reduction comes from a change in how Ethereum users earn new tokens. With The Merge, Ethereum is getting its consensus mechanism that is proof-of-work that...Continue Reading
Environmental Challenges in Bitcoin Miners A report from Arcane, published by CoinTelegraph, has indicated that While innovations in chipset manufacturing have helped reduce operational costs related to Bitcoin miners, a report has revealed the market’s potential to transform the energy industry. Bitcoin Miners are said to be responsible for approximately 137 terawatt hours of energy consumption per year according to latest data from the Cambridge Bitcoin Electricity Consumption Index. According to Digiconomist, Ethereum produces more than 47...Continue Reading
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