Here we go, ladies and gentlemen.
CENTRAL DIGITAL CURRENCY
Mentioning the possibility of a centralised digital currency would once serve you ridicule as a ‘conspiracy theorist’.
However, as we know, many of the so-called ‘conspiracies’ are starting to emerge as realities in our modern age.
Now, this is another one.
The Reserve Bank of Australia (RBA) is looking to establish use cases for a central bank digital currency (CBDC), saying they hope to “determine the economic benefits” it can have through a new research project over the coming months.
The project will be conducted in collaboration with the Digital Finance Cooperative Research Centre (DFCRC) and involve multiple Australia-based banks. It will also involve the use of the Ethereum-based CBDC developed by Australia called the eAUD.
The Reserve Bank has chosen 14 participants, or use cases, to pilot the potential ‘benefits’ of a central bank digital currency:
The project includes pilots that will explore:
- CBDC distribution
- Offline payments via CBDCs
- Cross border settlement and custody.
- GST automation.
- Tokenised bills
- Construction supply chain payments
- Superstream payments, among a few others.
The regulator said that it received a 140 total use case submissions and made the final selection based on a variety of factors — including their “potential to provide insights into the possible benefits of CBDCs”.
RBA Assistant Director, Brad Jones, said:
“The pilot and broader research study that will be conducted in parallel will serve two ends – it will contribute to hands-on learning by industry, and it will add to policy makers’ understanding of how a CBDC could potentially benefit the Australian financial system and economy.”
One of the pilots in the project aims to develop a “trusted and reliable form of money” on the blockchain.
It will explore how a CBDC can be ‘tokenised’ on multiple blockchains, as well as how to ensure that only ‘authorised parties’ can ‘hold and redeem it’. Mastercard will serve as the “use-case provider” for the interoperability pilot.
As you can see, this pilot program covers a variety of avenues, industries and processes.
In response, Australia’s ‘Big Four’ have sprung into action to get these pilots done.
‘BIG FOUR’ FOLLOW SUIT
The announcement by the RDA has seen Australia’s ‘Big Four’, who were selected by regulators, begin gathering CBDC information for the research project.
The Commonwealth Bank (CBA) say they have “welcomed the opportunity to collaborate with both organisations and other industry participants to explore use cases for a central bank digital currency (CBDC)”.
ANZ have also announced they will begin partnering with two universities to trial offline CBDC payments via smart cards — that can be loaded with funds and used like physical cash.
In January, Westpac Group said they “see potential” in central bank digital currencies (CBDCs), partly as they would be released by central banks and act as a form of electronic cash.
NAB has already been exploring their own options, with their Project Atom collaborative research project undertaken during the past year, examining the potential use and implications of a wholesale form of CBDC using distributed ledger technology (DLT).
Many have warned of this day for years. Perhaps a smaller bank or a people-run bank will soon be the only option for those seeking freedom away from this impending digital dystopia.
Of course, we have known for years the web of interests really behind our banking cartel here in Australia.
Now the RBA, who are working to crush homeowners with interest rates (‘justified’ by a fake pandemic), are also working on the ‘solution’ that will serve us as we move forward through economic turmoil.
The plan is for all of these systems to merge together into one, all-seeing, control system.
A control system inside of smart city prisons where your ‘good behaviour’ will dictate your lifestyle.
A lifestyle that, with CBDC, can be ‘switched off’ at any second.
Resist and disconnect before it is too late.
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