An article in The Sydney Morning Herald has reported on a pilot program that Australia's Central Bank is currently working on with BIS to launch a digital currency system, but it has the possibility that the access of citizens to the economy could be cut off at any time should they say or do anything in defiance of the authorities.
Together with the Bank for International Settlements (the central bank of central banks), Australia's Reserve Bank is undertaking a pilot program over the course of the next year to evaluate the "benefits" of a blockchain-based digital currency system. In the BIS's efforts to create CBDCs (central bank digital currencies), the central bank has been added to a long list of participants with the aim of introducing them internationally by 2025–2030.
It's vital to keep in mind that significant economic developments would need to take place within the next few years before CBDC would be a practical choice for the general public. Despite the convenience...
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