Connect with us

Hi, what are you looking for?

Australia

Australia’s Reserve Bank is considering Surveillance and Control Coins

The RBA will collaborate with the Digital Finance Cooperative Research Centre on a study into how a surveillance and control coin could be profitable in Australia.

The Reserve Bank of Australia (RBA) is considering how Surveillance and Control Coins, could be used. These are also known as Central Bank Digital Currencies (CBDCs) and are inspired by bitcoin. Unlike bitcoin, the issuance schedule is uncertain and control is likely to be centralized.

The Digital Finance Cooperative Research Centre (DFCRC) is collaborating with the RBA in surveillance and control coin project. The Research Centre will receive $180 million in funding from mostly government sources for 10 years. The recently announced project is expected to run for one year. Topics of study include technological, legal and regulatory considerations. The Australian Treasury is a participant and member of the steering committee.

Michele Bullock, Deputy Governor of the Reserve Bank, stated, “We are looking forward to engaging with a wide range of industry participants to better understand the potential benefits a CBDC could bring to Australia.”

You May Also Like

Education

A beginner's guide to how bitcoin transactions work.

News

Bitcoin's fundamentals as of February 2022.

Education

A short overview of the Lightning Network and how it works.

Education

A short overview of the difference between "hot" and "cold" wallets.

News

South Korea is exploring a Bitcoin ETF, is this a good thing?

News

A State Senator in Mexico, Indira Kempis, has seen the benefits of adopting bitcoin as legal tender in El Salvador, and is currently working...