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Australia announces CBDC pilot project (the eAU)

States are facing an irresistible adoption of cryptocurrencies. They have found no other way to embark on the CBDC broadcast to try to oust them. As recently as yesterday, Australia announced the launch of its CBDC pilot project. The Reserve Bank of Australia will work with the private sector to explore more than a dozen use cases.

Soard, the Australian digital dollar will emerge alongside various commercial banks, the Australian central bank is also considering the launch of a CBDC. Australia

approached the potential Central Bank Digital Currency (CBDC) on Wednesday. The Reserve Bank of Australia (RBA) has reported a pilot phase for its digital version of the Australian dollar called EAd.

In a joint announcement with the Australian Center Digital Finance Cooperative Research, the RBA said it had invited a small number of companies to help explore 14 cases of use of the EAUD. He asked companies like Anz and Mastercard to participate in the program. These use cases will go from the facilitation of offline payments to tokenized

invoices for businesses. They will also include the cattle auction. “The pilot and larger study which will be carried out in parallel will be used for two purposes. It will contribute to practical learning by the industry, and will add to the understanding of policy makers how a CBDC could potentially benefit the country’s financial system and the Australian economy. “Said RBA deputy governor Brad Jones.

Une autre société incluse dans l’annonce était Canvas Digital, un réseau de couche 2 construit au-dessus d’Ethereum. Il Utilise des cumuls sans connaissance pour faciliter les transactions. Le réseau a été construit en collaboration avec la société israélienne StarkWare, et utilise le stablecoin USDC et l’eAUD. Canvas a été invité à piloter le règlement des transactions de change. « Nous constatons qu’il existe d’énormes avantages à utiliser les CBDC et les monnaies comme l’USDC dans le commerce des devises et les envois de fonds internationaux. », a déclaré David Lavecky, co-fondateur et PDG de Canvas Digital.

Les menaces américaines face à l’idée d’une CBDC australienne
En effet, les CBDC sont similaires aux stablecoins. Il s’agit de monnaies numériques indexées sur le prix d’une monnaie fiduciaire, comme le dollar américain. Cependant, ils ne sont pas entretenus par des entreprises privées qui émettent des tokens sur des réseaux décentralisés. Les CBDC sont entièrement soutenues et entretenues par leurs gouvernements respectifs. À ce jour, plus de 10 pays ont lancé une CBDC. De plus, 89 autres pilotent, développent ou recherchent une CBDC. Ces statistiques sont du site Web du groupe de réflexion américain Atlantic Council. Le mois dernier, le Japon a annoncé qu’il lancerait un programme pilote CBDC en avril.

The EAUD, a real digital reserve for the Australian bank, has indicated that it has been researching CBDCs for a number of years. It reports that it had previously “provided the

industry with a blank digital canvas to submit their proposals” on how a CBDC could be operated. He said, “We didn’t want to be intellectually arrogant to the point of thinking that we have all the answers. Said its deputy director. Another aspect of the RBA pilot program is that “the Eaud is a real digital claim on the reserve bank. It is not just an exercise in a sort of abstract sandbox, “said Jones. He was

referring to certain experiences
involving CBDCs that took place in New York. For example, the Federal Reserve has explored the concept of issuing its own dollar symbolized for years. It even published research on the subject in 2016. In addition, the Federal Reserve of San Francisco recently published job offers related to the development of CBDCs. She was looking for people who could help the central bank to develop a digital version of the US dollar.

However, not all legislators are on the same page. The Whip of the Republican majority in the House, Tom Emmer, reintroduced legislation last month which would prohibit the Federal Reserve from issuing a CBDC. According to him, as stated in a recent tweet, this is a step forward that would “deprive Americans of their right to financial confidentiality”. The pilot launch of a CBDC project is not synonymous with its program.

جHowever, it represents an important phase of it. But there is every reason to believe that Australia will be one of the countries with its own CBDC. Unable to stop cryptocurrencies, will central banks Sovietize with CBDCs?

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