CDBC is around the corner
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Australian Central Bank Goes Public With CBDC Trial
In 2021, the Reserve Bank of Australia (RBA) pronounced that it “saw no strong case” for a retail central bank digital currency (CBDC). In a curious about-turn, the RBA has now announced it is “exploring use cases”.
The Reserve Bank currently issues two forms of money:
- Physical money in the form of banknotes, which can be used by households and businesses to make payments, and
- Digital money in the form of balances held in accounts that commercial banks and some other types of financial institutions can hold at the Reserve Bank to settle payment obligations between each other.
A CBDC would be a new digital form of money issued by the Reserve Bank. It could be designed for retail (or general purpose) use, which would be like a digital version of banknotes that is essentially universally accessible, or for wholesale use, where it is accessible only to a more limited range of wholesale market participants for use in wholesale payment and settlement systems.
CBDC can be classified as either retail or wholesale.
Retail CBDCs are issued directly to people and companies.
Wholesale CBDCs are issued to financial institutions such as banks.
CBDCs can deliver a more efficient, faster and safer financial system by enhancing and simplifying cross-border payments, interbank payments and securities settlement.
Using the leading DLT platform for regulated entities, prove that wholesale CBDCs can change the way liquidity is managed, enable faster cross-border payments and facilitate instant international settlement.
Russia May Introduce "Targeted" CBDC by 2023
The Bank of Russia announced in a report today the possibility of designing some digital rubles in a way that they could only be used for specific purchases.
The central bank expects a digital ruble to also increase the availability of financial services and optimize cross borders payments.
A Russian CBDC would start being rolled out in 2023.
Bank of Russia indicated that its central bank digital currency (CBDC) would allow the implementation of a “targeting” technology, meaning that some digital rubles could be designed to only pay for specific goods or services.
According to the central bank, the targeting technology (or “coloring”, as it is also referred to) would increase the efficiency of public spendingWhile the full-scale implementation of the digital ruble will begin in two years’ time, some of its features, such as the offline mode, as well as the connecting of non-banking financial organizations and exchanges, are expected in 2025.The phased approach towards introducing the central bank digital currency (CBDC) will allow market participants to adapt to the new conditions starting in April 2023. The report comes on the heels of Russian President Vladimir Putin’s decision to ban cryptocurrency payments. The Bank of Russia, however, has stated that it wouldn’t object to the use of cryptocurrencies in cross-border settlements following the nation’s ban from the SWIFT banking system.
With sanctions imposed over Moscow’s invasion of Ukraine have convinced the Bank of Russia to speed up the development of the digital version of the ruble.
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CBDC are issued directly by governing authorities and do not have reserve requirements.
CBDC can be classified as either retail or wholesale.
Retail CBDCs are issued directly to consumers and businesses
Wholesale CBDCs are issued to financial institutions with central bank reserves
Both are government-backed digital currencies designed to eliminate risk and deliver efficiency.
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The above is a summary of the seventh episode of the Crypto News Talk. For more content, please find the video on Gettr or Youtube.
Editor: SteveT#8369 Eddy#3853 灭共小猫咪#7782
Publisher: Himalaya Australia Digital Soldier H-Pay Promotion Group
Video link:
https://gettr.com/post/p1no50389b9
https://www.youtube.com/watch?v=lNH9YsHoMeY
Sources:
https://cryptonews.com.au/australian-central-bank-goes-public-with-cbdc-trial
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