June 6, 2023

6 thoughts on “RBA says QR code-enabled payments can ‘trim costs’ for Aussies

  1. Another surreptitious step in the totalitarian tiptoe toward slavery on the digital plantation. Thanks for nothing, Cousin Candy and fellow RBA board members. I’ll be stealing the coconuts from the plantation before I ever become a slave on it…

  2. The King James Bible Revelation ch 13 v 16 translates, “to receive a mark IN their right hand or IN their forehead’ as opposed to most newer translations which say ‘ON’ !
    The majority of people are right handed and many have ‘smart’ phones that are held IN their right hand.
    I suggest it’s not too large a step to be required to have an electronic transceiver Implant. Without which one will not he able to buy or sell.
    Fantasy? You decide.

  3. This is all gravitating toward control of humans through artificial intelligence and eventually absolute obedience and slavery servanthood! Obey or extinct…..part of control and depopulation Elite agenda! Revelation 13:16,17 is closer than we think!

  4. 3 and a Half Years ago! – ‘Media release’ – ‘RESEARCH PROJECT’ – 2023 = LOL!

    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
    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
    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 –
    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


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