The Reserve Bank of Australia (RBA) has disclosed a number of initiatives to create use cases for the eAUD, an Australian digital currency, while it is still under testing. Australia and New Zealand Banking Group Ltd (ANZ), Mastercard, Monoova, the Australian Bond Exchange, DigiCash, Commonwealth Bank, and other organizations are among the partners for the trial projects. One of these initiatives will look at leveraging the dollar-pegged USDC stablecoin to speed up foreign exchange exchanges and transfers, while others will tackle difficulties like using a CBDC for offline transactions. The RBA’s trial with a digital dollar is one of many such programs undertaken by central banks worldwide as a safer alternative to private cryptocurrencies and a step towards a more digital economy.
The Reserve Bank of Australia (RBA) in Australia has revealed a planned pilot phase for the eAUD, the digital equivalent of the Australian dollar, which would explore 14 use cases like facilitating tokenized invoices, livestock auctions, and offline payments. Zero-knowledge rollups (zk-rollups), which process transactions on a different blockchain before packaging them and sending them back to the underlying network, are a technique for improving the efficiency of an underlying network like Ethereum. In more than ten nations, governments are testing and maintaining CBDCs, which are digital currencies tethered to the value of a fiat currency. The San Francisco Federal Reserve recently advertised job advertisements linked to the development of CBDBs, and the RBA has investigated the idea of releasing its own tokenized currency. To prevent the Federal Reserve from issuing a CBDC, which would amount to “robbing Americans of their freedom,” Congressman Tom Emmer has proposed legislation.
According to a report from Nikkei Asia, Binance is requesting a Capital Markets Service licence from the Monetary Authority of Singapore in order to offer custodial services in Singapore. The SAFU (Secure Asset Fund for Users) insurance coverage is referenced in the name Ceffu. Due to its previous involvement in a Singapore-based regulated exchange, Binance has already left Singapore and withdrawn its application for a licence for digital payments tokens.