The Central Bank of Australia will conduct a study of the possibilities of state cryptocurrencies

The Australian Reserve Bank has concluded partnerships with other financial institutions of the country for that, To "determine the possible role of state digital currencies in the Australian payment system".

The study will take part in the largest financial Conglomerate of the country CommonWealth Bank of Australia, Bank National Australia Bank, Perpetual financial company and Consensys, engaged in developments in the field of blockchain.

As part of cooperation, it is planned to develop a project of national digital currency based on the Ethereum. In the near future, evidence of the concept will be created (PoC) for the release of a tokenized form of state digital currency.

Expected, that digital currency will help participants in the wholesale market in mutual calculations. It can also be used to obtain syndicated loans in the form of tokens. It is planned to investigate the capabilities of the digital currency by ensuring security during payments with inter -grid atomic swaps.

“With the help of this project, we are going to study the consequences of the launch of state cryptocurrency from the effectiveness, risk management and innovation in transactions in wholesale financial markets ", - emphasized the assistant of the manager of the reserve bank of Australia Michel Bullock (Michele Bullock).

The Central Bank of Australia plans to finish testing the project already this year, and the study report will be published next year. One of the alternatives of digital currency is the launch of the national digital payment system, with which payments can be made in real time.

Recall, that recently the head of the payment policy department of the reserve bank of Australia Tony Richards (Tony Richards) stated, that the regulator does not yet see the need to release its own retail digital currency.