The Australian government has made a recent notable entry into the regulatory management of the cryptocurrency sector. A subject that until then had remained warm in the comfortable boxes of legal loopholes. But the trend has definitely changed and digital seems to be becoming the new fad of its political and monetary leaders. Proof, the recent publication of the official white paper of its future central bank digital currency (MNBC). With a pilot version planned for next year.
Even regulators lose their footing when they in turn fall into the digital cryptocurrency burrow. However, the consequences are definitely different, because they involve regulatory support which is only very rarely positive for this sector. All this most of the time in parallel with the more or less coordinated establishment of a central bank digital currency (MNBC). A chronology from which no one escapes australiafollowing the publication yesterday of the official white paper of its next eAUD.
eAUD โ Australia to launch its MNBC
Of course, cryptocurrencies and central bank digital currencies (MNBC) should not be confused. Even if the latter are very often put in place in order to slow down the rise of the former and their impact on financial stability, which no longer means anything. Because these are financial tools developed in parallel with already existing official offers, with a little digital surveillance supplement that has everything problematic. And launches often delayed by lengthy studies on the potential risks associated with these dematerialized monetary versions.
This is once again the case of Australia, which announces a pilot version planned for mid-2023. With the objective of โunderstanding some of the technological, legal and regulatory considerations associated with an MNBCโ (CBDC, in English).
” The activity and innovation in digital finance suggests that new business models could emerge in a token ecosystem. Central banks are striving to understand the role of value transfer in these emerging digital economies, due to their role in issuing money, maintaining financial system stability, and supporting payment system development.. ยป
White paper eAUD, Reserve Bank of Australia
All related to the structure Digital Finance Cooperative Research Center (DFCRC) whose objective is to โcapitalize on the huge business opportunities arising from the upcoming transformation of financial marketsโ. And a research program funded by industry partners, universities and the Australian government. With a trial period whose duration is fixed at one year. And, it seems important to specify, an operation which does not in any way guarantee the release of a futures central bank digital currency. A case to followโฆ
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