Happening tomorrow. Dr. Galo Nuño of Bank of Spain/BIS will talk about the implications of the introduction of a CBDC for the Central Bank's operational framework for Monetary Policy. For registration: https://lnkd.in/ec7cEMwT
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An evolution of Australia’s monetary arrangements is a step closer this week, with the release of an important new paper on central bank digital currency (CBDC) that sets out a roadmap for future work in Australia. We highlight the key points from the paper and explain what this all means, what you should do and how we can help here: https://lnkd.in/gcgf96uR
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Digital Asset, Financial Markets and Derivatives Lawyer at King & Wood Mallesons | Co-organiser at Blockchain Professionals
The next stage of the Reserve Bank of Australia's central bank digital currency roadmap was announced at FinTech Australia's very own Intersekt Fintech Festival this week. In his speech on Day 1 of Intersekt, Brad Jones, Assistant Governor (Financial System) of the RBA outlined 3 key messages: 1. The RBA (with strong endorsement from the Payment Systems Board) is making a strategic commitment to prioritise its work agenda on wholesale digital money and infrastructure – including wholesale CBDC; 2. The RBA is publicly committing to a three-year applied research program on the future of digital money in Australia, including to launch Project Acacia with industry on wholesale CBDC and tokenised commercial bank deposits; and 3. The view of the RBA and Treasury is that if a public policy case ever emerged in favour of issuing a retail CBDC, the Australian Government would be the ultimate decision authority and it would almost certainly require legislative change. The RBA and Commonwealth Treasury also published a joint paper on the CBDC roadmap. Max Allan, Urszula McCormack, Ian Paterson, Dale Rayner, Heidi Machin, Layton Hubble and I have broken this down in our latest client alert, and what this tokenised future means for financial markets going forward. If you have any questions at all, or are keen to discuss the pilot (or anything else) please do not hesitate to get in touch! Hannah Glass Claire Warren Kate Jackson-Maynes Samuel Farrell Nelda Turnbull Diana Nicholson Anna Della Marta Preetha Varadharajan Shannon Hatheier Grace Qiu Wendy Zheng Scott Yang Lina Zaioor Anthony Boogert Johnson Pang Amanda Uppal Amanda Kazacos Jerome Tse Judith Taylor Rehan Mark D'Almeida Brandon Saputra Lisa Gostinski
An evolution of Australia’s monetary arrangements is a step closer this week, with the release of an important new paper on central bank digital currency (CBDC) that sets out a roadmap for future work in Australia. We highlight the key points from the paper and explain what this all means, what you should do and how we can help here: https://lnkd.in/gcgf96uR
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Delighted to share this excellent piece on Australia’s plans for a wholesale CBDC from our Financial Markets & Regulatory team, spearheaded by Max Allan, with the contributions of Dale Rayner, Heidi Machin, Ian Paterson, Layton Hubble and others. The alert brings together several key points from a paper issued by the Reserve Bank of Australia and the Treasury earlier this week. A few key highlights: 📍The RBA is making a strategic commitment to prioritise wholesale digital money and infrastructure. 📍 Practically, a CBDC (whether it was retail or wholesale) would be issued by the RBA. Wholesale CBDCs have more tangible benefits and use cases, particularly in relation to #tokenisation of asset markets. 📍 “Project Acacia” will explore, with industry input, uses for CBDC in settling transactions in wholesale tokenised asset markets. Key topics will include understanding new ledger arrangements and concepts such as “programmability” and “atomic settlement” in tokenised markets. 📍 Retail CBDC requires further consultation, with no clear case for this new form of digital money yet. 📍 Industry, academic and public consultation and engagement will continue. The paper highlights several areas of opportunity, risk and other considerations which will need closer review. 📍Cash has seen declining use in Australia. However, the Australian Government and RBA support Australians having continued access to cash for as long as they want to use it. This is consistent with a number of other leading markets, although we see the precise degree of support for cash highly variable. 📍 Cross-border payments are evidently of interest, but the paper does not highlight any near-term areas of collaboration with other markets. #cbdcs #centralbanks #centralbankdigitalcurrency #tokenisation #digitalbonds #atomicsettlement
An evolution of Australia’s monetary arrangements is a step closer this week, with the release of an important new paper on central bank digital currency (CBDC) that sets out a roadmap for future work in Australia. We highlight the key points from the paper and explain what this all means, what you should do and how we can help here: https://lnkd.in/gcgf96uR
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For years Sweden has been closer to digital currency with an extremely low use of cash by % of population: #Sweden’s central bank, the #Riksbank, has concluded its exploration into the potential of a #DigitalKrona with the publication of its fourth and final report on the project, released on March 20th, & note that > 150 Central Banks 🏦 working raoudly towards CBDCs. USD $ Stablecoin transactions now matching Visa & Mastercard Trillions transaction annual volume so those firms getting involved in blockchain: faster settlement, lower cost. Efficient technology wins every time, smart phone, Amazon and Netflix are simple examples. As Kodak, blockbuster and bookstores would share with you, if they were still around. #visa #mastercard #cbdc #cryptoregulation
#Sweden’s central bank, the #Riksbank, has concluded its exploration into the potential of a #DigitalKrona with the publication of its fourth and final report on the project, released on March 20. This culminating document sheds light on the outcomes of the #eKrona #CBDC pilot, particularly emphasising the user experience and the digital currency’s offline capabilities, revealing a range of mixed outcomes 👉 https://buff.ly/4cpz3iF
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Join us tomorrow at 7pm for the fourth session of #FintechSummerSessions24, in which Huy Nguyen Traieu will deep dive into Central Bank Digital Currency (CBDC). You can register for free through the following link: https://shorturl.at/Kvg2S
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#Sweden’s central bank, the #Riksbank, has concluded its exploration into the potential of a #DigitalKrona with the publication of its fourth and final report on the project, released on March 20. This culminating document sheds light on the outcomes of the #eKrona #CBDC pilot, particularly emphasising the user experience and the digital currency’s offline capabilities, revealing a range of mixed outcomes 👉 https://buff.ly/4cpz3iF
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A hitherto unknown issue with central bank digital currencies is the possibility that £1 held in the form of a CBDC may find itself in certain circumstances worth less than a £1 coin. A recording of this webinar, part of the Spring Term series from the Institute, is now available on our YouTube channel. #CBDC #digitalcurrencies https://buff.ly/3UnHT8y
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Central bank digital currencies are emerging worldwide, bringing new capabilities and opportunities to financial systems. Although central banks are the driving force behind CBDCs, the development of a coherent ecosystem in co-operation with private stakeholders is also essential for success. This report, published by Giesecke+Devrient and OMFIF, sheds new light on how to create a thriving #CBDC ecosystem. Read for free here: https://lnkd.in/e-jfM9uQ
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The session initially touched on what money is and many topics, one of which is important trends. First ,money in digital world will not stop . Second, innovation in the concept of money.Third, CBDC experiments to increase.Fourth, more involvement from banks.Fifth, international collaboration.Sixth,Al&Quantum coming. Thanks for Huy NGUYEN TRIEU ..
Join us tomorrow at 7pm for the fourth session of #FintechSummerSessions24, in which Huy Nguyen Traieu will deep dive into Central Bank Digital Currency (CBDC). You can register for free through the following link: https://shorturl.at/Kvg2S
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This year’s Digital Euro Conference represented a milestone on the road to digital cash in Europe. But how ready are traditional institutions to implement central bank digital currencies? Explore this and other insights around tokenization and programmability in our latest blog post. Read the article: https://hubs.la/Q02qdzJg0 #DLT #CBDCs #IntellectEU #programmability #interoperability
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