Australian Central Bank and CBDC Live Pilot Program
Most countries are working on Central Bank Digital Currency (CBDC), and maybe all of them are not revealing what they are doing yet. Australian Central Bank takes it seriously and made a plan about it.
The Reserve Bank of Australia works with the Digital Finance Cooperative Research Centre (DFCRC) to explore the use case and benefits of using CBDC. People have options to choose and they can use cryptocurrency instead. Now people can build their wealth outside of the existing financial system.
Australian central bank is supposed to launch the live pilot program of CBDC on March 31 and it will continue till May 31. Only selected parties will get a chance to participate in the program. There is a huge transaction in foreign exchange (FX).
People who live abroad send money to their home country. You cannot imagine any international business without settling foreign transactions. It takes time and costs more to do international transactions. The government may think about how to use CBDC there and come up with tokenized foreign exchange (FX) transactions.
If the government pushes hard on its citizens that they do not like, they will definitely look for alternatives. And that might be terrible for a country. Some countries like Nigeria launch CBDC, and the adoption rate is very low. The government can definitely force its citizen with rules and regulations, but it is obvious that the end result would be terrible.
People are paying attention to Web 3.0 and it is about having more control and freedom. I think if the centralized authority convinces people to use CBDC to interact with Web 3.0, you may not feel much difference from web 2.0.
They can do anything they wish with CBDC. They can look into every single thing while using Central Bank Digital Currency. Putting any restriction on anything would be as easy as pressing some buttons.
Putting stablecoins as a level of unregistered securities may not make any sense. But I guess that's necessary to clear the path of implementing the upcoming CBDC. There are many questions and time will answer everything.
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