Australia's Central Bank To Run CBDC Pilots on Ethereum Tech

Australia's Central Bank To Run CBDC Pilots on Ethereum Tech

By Abhimanyu Krishnan | News | 2 Nov 2020


On November 2, Australia’s central bank announced that it had partnered with ConsenSys and several national financial institutions to explore the issuance of a central bank digital currency (CBDC).

  • Australia’s Reserve Bank, the nation’s central bank, will partner with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys for a wholesale CBDC
  • The cooperation will include the development of a Proof-of-Concept for the funding, settlement and repayment of a tokenized syndicated loan on an Ethereum-based platform
  • Additionally, it will focus on the implications of an ‘atomic’ delivery-versus-payment settlement, and programmability and automation features of tokenized CBDC and financial assets
  • The project is slated for completion by the end of 2020, with findings and a report expected in the first half of 2021
  • ConsenSys is also working with Societe Generale and the Banque de France on a CBDC initiative
  • The European Central Bank has also announced its plans to examine the issuance of a digital euro, asking for a public consultation on November 2, 2020

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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