Reserve Bank digital currency pilot tipped for next year

[ozcopper]

The Reserve Bank of Australia is working to identify business models and uses for a central bank digital currency, or eAUD, and is likely to conduct a pilot early next year.

The project, which began in July, will help ?further understanding of some of the technological, legal and regulatory considerations? associated with a central bank digital currency, the RBA and the Digital Finance Cooperative Research Centre said in a white paper on Monday.

The findings will be published at the conclusion of the project, around mid-2023. The research implies no commitment from the RBA to issue a central bank digital currency, it said.

Central banks worldwide are acting swiftly to ensure they don?t fall behind as money edges towards its biggest reinvention in centuries with alternative concepts such as cryptocurrencies taking hold. That new technology, as well as events such as the coronavirus pandemic, are among forces pushing consumers to go cashless.

More: https://www.smh.com.au/business/banking-and-finance/reserve-bank-digital-currency-pilot-tipped-for-next-year-20220926-p5bl3g.html

 

[STKR]

"The research implies no commitment from the RBA to issue a central bank digital currency, it said."

Yeah, right!! Absolute intention but "no commitment".

 

[jason1]

The Reserve Bank of Australia is working to identify business models and uses for a central bank digital currency, or eAUD, and is likely to conduct a pilot early next year.

The project, which began in July, will help ?further understanding of some of the technological, legal and regulatory considerations? associated with a central bank digital currency, the RBA and the Digital Finance Cooperative Research Centre said in a white paper on Monday.

The findings will be published at the conclusion of the project, around mid-2023. The research implies no commitment from the RBA to issue a central bank digital currency, it said.

Central banks worldwide are acting swiftly to ensure they don?t fall behind as money edges towards its biggest reinvention in centuries with alternative concepts such as cryptocurrencies taking hold. That new technology, as well as events such as the coronavirus pandemic, are among forces pushing consumers to go cashless.

More: https://www.smh.com.au/business/banking-and-finance/reserve-bank-digital-currency-pilot-tipped-for-next-year-20220926-p5bl3g.html

the part that pisses me off, I own a laundromat, still 100% cash including all my vending machines, Now thats all my money after bills, the customer puts the money in my machines, the money goes direct from customer to me.
cashless, Money goes from customers bank, to a card reader, the card reader has a thing called a card access company, they work between the customers bank and My bank, so they are charge a monthly fee, plus a transaction fee, then when the money goes into my account, bank takes its share.

So If im being forced to go cashless, the bank just put an extra set of hands between my customer and me, an extra person taking money and an extra bill taking a % of my money that wasnt there before.
there is no reason for a card access company tobe there, Any one would think when you swipe a card on a vending machine your money is going from your bank to the venders banks, Nope they created a need for a middle man in the form of a card access company lol, Good scam hey.

I dont think people understand how little control they will have when they dont have cash.
We had a storm come through our town recently, no power for two days, no internet, guess what No one could buy food as they didnt have cash lol. the shops that were on genies like the servo could only take cash, and people couldnt fill their cars up, couldn't fill the jerry cans up to power a genie at home. instantly they were completely broke and powerless because they had no access to their money. the general public are fucken stupid

the upside to this though, if in the future you need to make the rich fuckers powerless at the north shore who run these banks, just take down the wifi tower and they are at our level again lol