Australia’s Central Bank is Considering Blockchain Technology

By -

Australia’s Central Bank is Conducting Internal Blockchain Research

 
Australia’s central bank is involved with several initiatives focused on blockchain technology, public records show.
In a published report on its work with financial markets infrastructure, the Reserve Bank of Australia (RBA) disclosed that it had set up an in-house working group "to consider the implications of the technology", though it’s not immediately clear when the group was created.
The research is taking place in an environment in which both the Australian public and private sectors are exploring blockchain. AUSTRAC, one of the country's finance regulators, launched an innovation hub in March focused in part on experimenting with different use cases. That same month, the Australian government committed funding to help develop standards around the tech while its chief securities regulator moved to boost engagement with startups working on the tech.
Perhaps more notably, the Australian central bank also has its hands in several cross-institution organizations as well.
Key among these is a group within the Council of Financial Regulators – a sort of umbrella group for Australian finance watchdogs – that is "examining DLT and its implications". On a broader scale, the RBA is also working with the G-20 group of nations on regulatory approaches to financial technology.
That the RBA would develop its own research initiatives is perhaps unsurprising given that, in late 2015, then-governor Glenn Stevens hinted that the institution was looking to learn more about the tech.
Earlier that year, the Australian government began to assess whether its finance regulators, including the RBA, had jurisdiction over bitcoin.

Comments

Post a Comment

Popular posts from this blog

Rocket Lab’s test launch window for its private orbital complex begins

By -
Image
Rocket Lab’s test launch window for its private orbital complex begins May 21 Rocket Labs is targeting a big first in commercial spaceflight – the first launch of an orbital rocket from a privately-owned launch facility. Its Launch Complex 1 is located on New Zealand’s North Island, and it’s now finally ready to start test firing actual launches from the finished facility, in preparation for beginning commercial operations once it’s satisfied testing is complete. The window for the test launches opens on May 21, starting at 2 PM PT. That’ll kick off a 10 day attempt window, during which Rocket Lab cautions that it may abort launch several times during this period, since the purpose is to run tests, and not to necessarily launch a rocket successfully – the important part will be collecting data to help ensure that later launches actually do go off as planned, especially once Rocket Labs starts providing commercial services to launch customers. Rocket Lab  announced in Febr...
Read more

Bitcoin's DC: All Eyes Watch the US Government's Response

By -
Image
Bitcoin's DC Debut: All Eyes Watch the US Government's Response Jerry Brito   Jerry Brito is a pioneer in matters relating to cryptocurrency regulation. A former senior research fellow at the Mercatus Center, he now serves as executive director at non-profit advocacy group Coin Center. In this entry in CoinDesk's " Bitcoin Milestones " series, Brito discusses one of the first major regulatory hearings centered on bitcoin in the US. On 18th November, 2013, the Senate Homeland Security and Governmental Affairs Committee held the US Congress's first hearing on bitcoin. These days, such meetings hardly raise an eyebrow. Back then, though, the hearing was a big deal for obvious reasons – and I testified. First, it's important to remember this hearing came at the end of a string of announcements that, while aiming to clarify how the industry was regulated, ended up stoking fears among users. In March of that year, the Financial Crim...
Read more

10 Insurance Firms Test Blockchain for Insurance in China

By -
Image
10 Insurance Firms Test Blockchain for Insurance in China A group of insurance companies has completed a new blockchain trial in China. In a  Sina Finance   report, the news agency revealed that the Shanghai Insurance Exchange had initiated a blockchain trial centered on insurance businesses in the country. For the project, nine insurance companies partnered with the exchange, including Cathay Life Insurance, Meiji Yasuda Life Insurance, AIA Group, China Continent Property & Casualty Insurance and Minsheng Life Insurance. Founded in 2016, the Shanghai Insurance Exchange is the country's  first  insurance asset trading platform. The test was reportedly aiming at making use of the security and traceability features of blockchain, and to solve the credibility issues facing insurance firms. In statements, Wang He, vice president of People's Insurance Company of China, noted that he believes insurance is a natural fit for blockchain giv...
Read more

Illinois Eases Burden for Cryptocurrency Startups with New Guidance

By -
Image
Illinois Eases Burden for Cryptocurrency Startups with New Guidance The financial regulatory arm of the state of Illinois has clarified its rules for digital currency companies operating in the state. Announced yesterday  by the Illinois Department of Financial and Professional Regulation (IDFPR), the completed regulatory guidance clarified that digital currency is not captured under the definition of money used in the state's Transmitters of Money Act (TOMA). The final announcement was published after nearly six months after the agency's  initial request  for comments. The guidance also clarified activities that are generally regarded as 'money transmission', including the exchange of digital currency for money through a third-party exchanger or an automated machine. Digital currency businesses whose practices meet these definitions will now need to secure a TOMA license. Other activities such as miners receiving digital currency for verifying tra...
Read more

Netflix makes some movies and shows free worldwide to non-subscribers

By -
Image
  Over the past year,   Netflix    has attempted to expand its appeal in part by making a title or two free to non-paying users in select markets. Now the American giant is extending this test to users across the globe — with a larger free catalog. The on-demand video streaming service is currently offering select Netflix Original movies and TV shows, including “Stranger Things,” “Murder Mystery,” “Elite,” “Bird Box,” “When They See Us,” “The Two Popes,” “Our Planet” and “Grace and Frankie”  to non-paying subscribers  across all the nearly 200 nations and territories where it is operational. Only first episodes of the shows are available for free viewing, though, after which Netflix prompts users to become subscribers. Movies are available in full-length, however. There is also a 30-second ad that rolls before you play the title, but it can be skipped. “We’re looking at different marketing promotions to attract new members and give them a great Netflix expe...
Read more