Photo: AHY
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.
No doubt this will merge with plans for a cashless society, which states are already pushing ahead with.
Much of this talk of ‘tokenised’ payments also makes me think of our impending social credit system, which is already weaving its way in through welfare systems and digital identity pushes.
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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THE ‘Price Fixing’ Banking System, what else would you call the 4 Major ‘Australian’ Ba – Sorry, The 4 SAME Major Banks-IN- Australia with the SAME ‘Owners’, would LOVE Centralised Digital Systems! In League with the RBA, it means that the ‘SAME bank’ x 4, DOESN’T have to find the ACTUAL cash, to cover ALL of the FIAT Money, that THEY have ALL created out of Thin Air! It also means, that if the UNwashed, decide to grab THEIR ‘Coin’ with the Pathetic Interest rates on THE ‘Savings’, under Digital ‘Swindle Tokens’, THE Bank DOESN’T have to produce the ‘Hard Asset’ – Which the Banks have lent out at about 30 Times PLUS, as the FIAT swindle!
‘Trusted & Reliable’ – That’s an unfortunate phrase to be used in A, or ANY, Banking Circle! How DID we go on the previous Lawyer fest/Anti Angst P.R. staged show- ‘Banking Royal CONmission’ anyway? – I didn’t see ANY CEOs or their Execs picking up soap @ a shower Block in ANY of Her majesty’s hotels!
Digi Credits for Income; Great! So THE Peasants as usual, get their Digi earnings, less THE Digi Tax, Less GST, Less Super Credits (IF ‘Available any time soon or Future. The Current Mr T- Treasurer, Sorry. Currently the Mr Isn’t Jim a Chalmers, is looking at further ways to make Australian Super LESS accessible, to those WHO WORK AND ‘OWN’ IT! – AU$3,000,000,000,000 WORTH – Yep, I think that’s 3 trillion by the Zeros.! Jim, wants to make sure that ‘Battlers’ don’t get their greedy Digits on their own ‘Assets’. He’d prefer, that the Govt/banking Cabal, got THEIR greasy hands on it, much like the US$28 Trillion in Pension Funds that the U.S. Govt, HAS disposed of, & leading to their 60% trading insolvent Woes, & Relying on Endless War, as an ‘Issue Solution’.(The U.S. is Down a hole for approx US$ 28 Trillion – Observable Debt, PLUS figures bandied about of Another 35 Trillion debt Hidden COMIC Black Global Military/Biological Ops/Policy Costs). Must be why PROPER ‘Exchange Rates’ ARE another Global swindle. AU$ 1 = US 65 cents. ‘SWINDLE’.
THE Banking game, in league with THE RBAs in many guises, are an obvious Theatrical Fraud – from the outside the game perspective! Inflation (Not a Politic .Bureaucrat Hot air exchange Index), Deflation (Not An ADF Inflationary issue per battle barrow) & Staglation, are ALL created BY & FOR The Govt/Corporate Co -Operative, & the resource IS – The Population. As mentioned previously, Interest rate ‘Drops’ BEFORE CONVID # Something, was ALWAYS ‘Financial Lending/Slavery ENDtrapment’ Strategy – With the extension Pact, pulling in ‘Jab or lose your Job’, & Then Lose Your house/Assets, Family, Any form of Social Worth! IS this NOT So? – OOPS MATE! Just COINcidence!
Back to Digi Coupons. ‘Trials’ end up like this – Now Permanent!
Future Example;
FUCKBANK (FutureUtopianCitizenKlanBioInternationalNeoKinetics); Virtual Banking;
‘F’ Bank A.I.;Digitised voice; “Good morning JD 234789. Do you Debit or Credit? Iris scan/Barcode reader or CONVID-19 Interactive ‘Wet Ware’ Initialise of your Coupon account? Press Or Think, appropriate access. While you wait for Processing, our new rates have gone to Minus 6% on Any account credits, & Plus 14% on Debt, plus the usual Latent charges. You have 10 days left in this Calendar quarter, to spend ALL remaining Credits, or The Bank will ‘CONfisGate -Tm(TradeMarked ‘CONfisGate’ – ONE Way funds Portal) the Residual Funds! JD 234789, YOU are outside of your Allotted Zone. Enforcement has been notified!’
JD 234789; “But there’s NO monetary interactive Distribution devices, Nor ACTUAL banking institutes in MY ‘Zone’! And the Network is Regularly ‘Down’! What – How am I/We suppose to Exist?’
‘F’Bank A,I,; ” Why do you have ‘needs’? Why have you not been Chip Enhanced or liquidated? The Bank has ‘Fined’ You ALL existing Credits, for Individual Thought & Reason.
Did you want to open a New account?”
Last; Seeing as The Federal Australian treasurer, A one Mr ‘Isn’t Jim a Chalmers’, & THE Govt of OZ, IS a Registered CORPORATION of THE United States of America – COMMONWEALTH OF AUSTRALIA(#CIK0000805157), along with Their Co Operative piggy bank COMMONWEALTH BANK OF AUSTRALIA(#CIK0000008565), WHERE do Australian battlers Et Al, ‘Think’ that their Collective taxes ‘GO’ >
ATO > Treasury. Into Australian Govt Holding Company ‘Of All’> Bank of America – Merrill Lynch.
Others of Interest;
COMMONWEALTH OF AUSTRALIA (Apart from being a U.S. Corp) ABN; 98724451651- Western Australia 6430. Reg.
BANK OF WESTERN AUSTRALIA LTD- U.S. Corporation (#CIK 0001542020)
Responsibility for the operations of the ATO are within the portfolio of the Treasurer of Australia and the Treasury
Minister responsible
Jim Chalmers, Treasurer.
Next; Apologies, Couldn’t just bring up PDF reference file;
blockchainaustralia /ABN 63169053534 via RBA website We have;
Please Note Date. Note Item 4 ‘Welfare Benefits’. & Lower references of the WEF & ‘Governing the Coin’.
TO; Head of Payments Policy Department Friday, ‘January 31, 2020’
Reserve Bank of Australia
By email: pysubmissions@rba.gov.au
Dear Sir/Madam
Review of Retail Payments Regulation: Issues Paper
Thank you for the opportunity to provide you with a submission in response to the above-mentioned Issues
Paper.
Blockchain Australia is the peak industry body that represents Australian businesses and business
professionals participating in the digital economy through blockchain technology.
Blockchain Australia aims to encourage the responsible adoption of blockchain technology by industry and
governments across Australia as a means to drive innovation in service delivery across all sectors of the
economy.
We are convinced that the use of blockchain technology will drive a wave of innovation and business
process transformation that will transform markets in almost every sector of the global economy – currency
and payments platforms not least among them.
Our ambition is to see an Australia that leads the world in the adoption of blockchain technology that has
transformed the economy and society to achieve significantly greater competitiveness, efficiency, service
quality, social engagement and employment.
Given the above our response to the Issues Paper is limited to the central bank digital currency (CBDC) and
stablecoin issues raised in the Issus Paper. These do not align easily to the specific questions in the issues
paper but can all broadly be regarded as a response to Question 1.
As the Issues Paper notes, a number of Central Banks and payments regulators around the world are paying
serious attention to the potential for blockchain technology to be used to re-architect payments systems to
provide greater speed, efficiency and regulatory transparency. This trend is bolstered by initiatives to create
‘global stablecoins’ – most notably the Libra project. In the view of Blockchain Australia, it is extremely likely
that some of these initiatives will begin to roll out novel payments approaches in the medium term (5 to 10
years) and that it is therefore essential that Australia be an active participant in global initiatives to define the
scope, functionality and regulatory framework of such initiatives. A ‘wait and see’ approach runs the risk of
seeing Australia excluded from processes that may redefine the global payments architecture.
Blockchain Australia believes that the RBA should seek to actively engage in four potential use cases (in
descending order of priority):
1. Wholesale Settlements
Blockchain Australia supports the RBA’s steps to experiment with a CBDC for wholesale
settlements. This is an obvious and compelling use case that could significantly reduce reconciliation
costs & time and free up capital by reducing the need to hold funds in a suspense account.
http://www.blockchainaustralia.org | ABN 63 169 053 534 | PO Box 21122 World Square, Sydney, NSW 2002
2. International Business Payments
International Payments by businesses are a key area where a CBDC (or network of national
CBDCs) could significantly streamline costs and enhance both regulatory transparency and data
linkages. Blockchain-enabled supply chain and trade facilitation processes are already being
developed and including a CBDC or global stablecoin as the native means of settlement within such
systems is a natural extension of those efforts. The People’s Bank of China has announced projects
in this area as part of the broader Belt and Road initiative.
3. International Retail Payments
International retail payments for consumers and remittances remain expensive and slow and the
associated AML/CTF processes are often cumbersome and not particularly effective. A CBDC or
global stablecoin could address this gap with particular benefits for developing countries. AML/CTF
data for both ends of a transaction can be securely linked to every individual transaction.
4. Domestic Retail Payments
A broader CBDC for retail payments is a lower priority – especially for a country such as Australia
with a sophisticated payments infrastructure. One area that may be worthy of investigation is
whether a CBDC would provide a more effective and lower cost method for conditional government
payments such as ‘welfare benefits’ or grants schemes.
We recognise that, with the possible exception of the Wholesale Settlements use case, these areas for
research and experimentation could be regarded as “Horizon Two” innovations whereas the bulk of the focus
of the RBA must necessarily be on Horizon One opportunities to enhance existing architecture.
However, Horizon Two can rapidly become Horizon One and given the potential for significantly
transformative innovation and the engagement of very large economic stakeholders, it is essential that the
RBA also dedicate resources to these opportunities. Australia should be a leader not a laggard in defining
the future global payments architecture.
In addition to the announcements out of China, we note the following recent announcements:
• Governing the Coin: World Economic Forum Announces Global Consortium for Digital Currency
Governance – https://www.weforum.org/press/2020/01/governing-the-coin-world-economic-forumannounces-global-consortium-for-digital-currency-governance/
• Central bank group to assess potential cases for central bank digital currencies –
https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200121_1~e99d7946d6.en.html
http://www.blockchainaustralia.org | ABN 63 169 053 534 | PO Box 21122 World Square, Sydney, NSW 2002
• Central Banks and the future of digital money (Consensys Whitepaper recently released at the World
Economic Forum) – https://pages.consensys.net/central-banks-and-the-future-of-digital-money
We would be pleased to discuss any aspect of our submission with you.
Yours sincerely
Nicholas Giurietto
CEO and Managing Director
Blockchain Australia.
Wellness to All.
Wow John, that is some research you have done, excellent work. I did only find out recently our Government is owned by the USA, guess that is why we have become their scapegoat too. So what to do? Do we stash the cash, bin the pin, swat the swipe, all deal in gold? Seems like all the crims have woken up to gold laundering, especially the WA gov, owner of the Perth Mint.
Went to a garage sale today, paid cash, so when it all goes digital will we just wave our wrists together with our implanted chips?
A Lot of this Data, is of a ‘Sort’ in Plain sight. Having an Inkling, or spotting ‘Anomolies’ whilst looking at said sites, leads to other enquiry, such as; looking at ‘Associated/ Interactive’ Govt & Fringe Corporations, Groups, Dodgy University ‘Research Units’ & ‘Think Tanks/ Intelligence Units’ – Invariably ‘Linked’, such as The Atlantic Council, The Welcome Trust, & The Anything But PhilMyTroughPissts Etc. All ‘Apparently -NON Profit’ or Registered Charities = LOL!
These ‘Connectabilities’, much like the invaluable work of Ethan & the TOTT crew, Plus others in response, lead to further Questions ‘OF THE ‘System’, ALL Apparently Marshalled for OUR ‘Benefit’! Questions such as; IF the Federal Govt of Australia., HQ’d in the U.S.A @ 1601 Massachusetts Ave,. Washington D.C. as per Their CIK registration, & IN Australia ‘THEY’ Govern from Can’tberra, Sorry- Canberra in the ACT, Why does ‘Their’ ABN # 98 724 451 651 ‘COMMONWEALTH OF AUSTRALIA’@ the ATO is Registered Location Western Australia; Post Code; 6324? – Anyone?
Mmm – Perth Mint. ‘Operation Atlantis’ – J5 ‘Group'(Late 2020). The only crew in this ‘Revenue Hunt’ – LOL ,NOT in 5 Eyes, for this, were the Dutch (Netherlands) – N.Z. Govt was TOO busy Beating the Crap out of, or Stabilizing their ‘CONVID’ CONtainment of ‘Locals’, By Witches 101 Ms Jackals got Ahernia!
THE Morphing of Single Digi currency & it’s obvious Multi Spectrum CONtrol/Trace – Tracking, ISN’T ‘New’,as the Govt Infers by it’s Jargon – ‘Pilot’! As the Blockchain reply above notes – And THIS, is the ‘Response Date’ to The RBA & Hence THE TREASURER as well, Dated 3 YEARS ago & Change! (31/01/2020.)
It’s NOT a ‘Pilot’, it’s the old Sales Reps ‘Shoe’ Wedge in the Door!
Yes, I still use Cash where possible, & still support OUR flagging postal systems, a Small local Community Bank, & the good people therein!
As for Global Control, including ‘Cashless’ – IT WILL FAIL! 1 of MANY of it’s Achillies Heels is the Electric/Communications REQUIRED Interactivity. – NO Juice – It NO GO JOE! PLUS, ALL Systems ‘Online’ ARE ‘Hackable’, even Without THE ‘Youva No Ferrari’ WEF Idiot Psych factor!
Wellness
Strayans will hurry to adopt for sure. The world’s most subservient people will presume that ‘complying’ with any (and all) authority will enable them to be rich and powerful.
Already slaves to mortgages and rents that have no equal, adding CBDC’s will be a natural ‘next step’.
Indentured servitude from years back never left their psyche-it fully defines them now. What once had so much promise where countries OC looked on with interest, the land and her people been fully captured-all it took was to enable greed and the conquest was too easy mate!
John Dawe knows Australian banks, and Mark Hanson knows Strayans…we can foretell the outcome.
Well I was inspired by Reignite Australia to go back to cash, old school. Small Business are really appreciating not have to pay the fee’s for card use. Meanwhile gold is being laundered and stashed because it cannot be traced. Stuff the paywave.
Anyone seen the new eftpos machines coming out ? Facial recognition and camera , linked to wifi and no doubt 5g , able to scan your purchase for carbon credits I’m sure . Cash is king keep it alive and don’t comply