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    Home » Crypto News » Australia’s Reserve Bank Partners With ConsenSys Over An Ethereum-Based CBDC

    Australia’s Reserve Bank Partners With ConsenSys Over An Ethereum-Based CBDC

    Author: Jordan Lyanchev

    Last Updated Nov 2, 2020 @ 09:43

    By partnering with three major financial organizations and ConsenSys, Australia’s central bank will look into the merits of launching an Ethereum-based central bank digital currency (CBDC).

    • The Reserve Bank of Australia has partnered with two major local banks and ConsenSys to explore the potential use of Ethereum-based wholesale central bank digital currency.
    • The announcement from Australia’s central bank named the other partners – Commonwealth Bank, National Australia Bank, and the financial services company Perpetual. 
    • The research group will develop a “proof-of-concept (POC) for the issuance of a tokenized form of CBDC that can be used by wholesale market participants for the funding, settlement, and repayment of a tokenized syndicated loan on an Ethereum-based DLT platform.”
    • The project will also focus on implementing “atomic” develiry-status payment settlements on the blockchain platform. Additionally, it will look into other potential programmability and automation features of tokenized CBDC and financial assets.
    • It’s worth noting that Australia’s central bank concluded earlier this year, before the COVID-19 outbreak, that there was no merit in launching a CBDC at that time. 
    • RBA’s Assistant Governor Michele Bullock believes that the use cases of releasing a CBDC in the current markets are still “an open question.” Nevertheless, she noted that “we are pleased to be collaborating with industry partners to explore if there is a future role for a wholesale CBDC in the Australian payments system.”
    • Bullock clarified that the bank aims to examine the “implications of a CBDC for efficiency, risk management, and innovation” before eventually considering allocating resources to launch a digital currency.
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    Tags: Australia Banks CBDC Ethereum
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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