ANZ Completes CBDC Pilot Program in Australia

  /  3 minutes read

The goal of India’s retail central bank digital currency (CBDC-R) architects is to increase the number of users of the digital rupee to one million, and they have given priority to finding a solution to the problem of developing an offline version. Around 100,000 clients have participated in the Reserve Bank of India’s (RBI) retail and wholesale CBDC experiments over the course of the last four months. At a recent G-20 summit, the digital rupee generated a lot of discussion. The RBI has scheduled a hackathon for 2023 to address issues with a retail CBDC, including scalability, transaction volume, and the capacity to conduct offline transactions. The RBI has received more than 50 suggestions, and it has been working with private businesses to find ways to increase scalability. It has not made a timetable announcement for launching a fully functional retail CBDC.

Crypto market updates

According to a Bloomberg article, banks are receiving assistance from Singapore’s central bank and police officials to establish universal standards for perfecting their vetting procedure when opening cryptocurrency accounts. In the next two months, a different industry study that is anticipated to define best practices in areas like due diligence and risk management may be released. The Monetary Authority of Singapore (MAS) did not immediately react to a request for comment but the information from the sources indicates that there are no laws prohibiting banks operating in the nation from doing business with companies that deal with cryptocurrencies or other types of digital assets. Due to the failure of cryptocurrency-friendly banks Signature Bank (SBNY), Silicon Valley Bank (SVB), and Silvergate Bank (SI), American authorities have been cracking down on banks that served cryptocurrency customers during the past several weeks.

As part of the central bank digital currency (CBDC) pilot program in Australia, ANZ has finished the first use-case of carbon credit trading as announced by the Melbourne headquartered bank on Wednesday. A 180 million Australian dollar ($124.3 million) programme called the DFCRC is supported by universities, business partners, and the Australian government. Australian Carbon Credit Units (ACCUs) are traded through a partnership between Australia and New Zealand Banking Group Limited (ANZ) and GCV. Tokenized ACCUs were bought using ANZ’s own stablecoin, (A$DC). In order to test use cases for its CBDC and partners for the pilot projects, the RBA has disclosed a number of projects.

Leave a Reply

Your email address will not be published. Required fields are marked *