Auiliiliga a le Faletupe Tutotonu a Ausetalia Active CBDC Pilot Project I Telling Whitepaper

By Bitcoinist - 1 tausaga talu ai - Taimi Faitau: 3 minute
Aso, Setema 27, 2022 5:50 AM

Auiliiliga a le Faletupe Tutotonu a Ausetalia Active CBDC Pilot Project I Telling Whitepaper

Australians are already testing a CBDC. Surprising no one, considering the authoritarian way that the government handled the lockdowns. The jury is still out on Central Bank Digital Currencies, while some authorities see them as problematic and prone to abuse, others are running a pilot program. The Reserve Bank of Australia, the country’s Central Bank, worked with the Digital Finance Cooperative Research Centre to produce lenei pepa paepae detailing the whole project. 

In it, we learn that “the pilot CBDC will be called the eAUD” and that “the eAUD will be a liability of the RBA and denominated in Australian dollars.” The Australian Central Bank admits that it has been working on the issue “over the past few years” and, with this pilot program, they aim to determine whether or not a Central Bank Digital Currency is right for Australia. 

The Reserve Bank of Australia also confirmed something everyone suspected but no one knew for sure. That is:

"O faletupe tutotonu i le lalolagi atoa o loʻo suʻesuʻeina ma le malosi le matafaioi, faʻamanuiaga, lamatiaga, ma isi aʻafiaga ole CBDC. O lenei mea na aofia ai le lolomiina o pepa o talanoaga, faʻatalanoaga lautele, ma le atinaʻeina o faʻamaoniga o manatu ma le CBDC pailate e aofia ai fefaʻatauaiga moni tau tupe.

It’s confirmed, governments everywhere are testing surveillance coins.

First of all, the pilot project is already running and it will continue for half of the next year:

“The project commenced in July 2022 and is expected to be completed around the middle of 2023. The project intends to test a general-purpose pilot CBDC issued as a liability of the RBA for use in real-world, pilot implementations of services offered by Australian industry participants.”

The Australian Central Bank is trying to find answers to these three questions:

It’s important also to notice that the Central Bank Digital Currency “pilot project has a domestic focus in terms of participants and use cases.”

Add a new use case to Ethereum’s CV. The extremely centralized Australia CBDC pilot leveraged its technology to have a working model with no extra cost.

“The DFCRC will develop and install the eAUD platform as a private, permissioned Ethereum (Quorum) implementation. The eAUD ledger will operate as a centralised platform, under the management and oversight of the RBA.”

However, there’s no guarantee that the Reserve Bank of Australia will continue using the platform if the Central Bank Digital Currency project takes off. The Central Bank only used Ethereum because it was convenient.

“The project is not evaluating the technology most suited to operating a CBDC. The CBDC pilot platform to be implemented is designed to be adequate for the use cases selected but is not intended to reflect the kind of technology that might be used to implement a CBDC, if a decision was ever made to do so.”

To finish this off, it’s worth remembering the words of Matthew Mezinskis. The founder of Porkopolis Economics told the Oslo Freedom Forum i nai masina talu ai:

“Latou te fiafia e i ai iina e puipuia le au faletupe. O lea la ua latou iloa afai e te sasaa tupe teu mai faletupe, ae na o le tupe CBDC a le faletupe tutotonu, e le mafai ona nono mai, e le mafai ona nono atu. Ona o le faafitauli lena mo le faiga o teugatupe. O lea la o loo latou taumafai e faavasega lena mea i le taimi nei. Ole fofo masani ole ai ai ni tapula'a, atonu e $1000 tutusa mo fa'amaumauga uma a le CBDC. O loʻo latou taumafai e faʻavasega nei mea."

A pilot program seems like an adequate way to figure those things out. 

Punavai autu: Bitcoino