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Australia’s Central Bank Extensively Looking Into Blockchain Technology

Australia s Central Bank Extensively Looking Into Blockchain Technology

The Reserve Bank of Australia has published a report disclosing the active engagement of the institution in studying and developing blockchain technology.

The document also reveals that a special working group has been set up to consider the implications of blockchain technology. This is perceived as encouragement for the industry to develop viable blockchain solutions.

The Bank is part of a working group of the Committee on Payments and Market Infrastructures examining DLT (Distributed Ledger or Blockchain Tech).

A statement by the RBA’s payments policy department chief Tony Richards delivered more than a year ago suggested that the bank was looking into cryptocurrency developments and was potentially considering a national digital dollar in the future.

At the end of 2016, the Australian accounting standards board called for new financial reporting standards for bitcoin.

This was followed by efforts on behalf of the Australian Securities and Investment Commission to devise a regulatory framework for digital currency.