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.”