Chain Reaction - 6th March 2023
RBA announces 14 pilot projects for CBDCs, Token Mapping and more
Some big things this week in the news for our Association from having the awesome Karl Mohan in the studios last Monday to one of our sponsors, NotCentralised being named as 1 of the 14 pilot projects for the CBDC being trialled by our central bank, the RBA.
Amongst all of that, we received an extension on our Token Mapping response which means that we have more time to gather feedback from the community. We have 2 ways folks can do that and it includes:
the Google Form where users can answer specific questions from the paper https://docs.google.com/forms/d/e/1FAIpQLSf4ehBkWdT_p7BW_3A6GA0bu9JxDSpYx-qfdEYGMdjZdliKYA/viewform
On our Discord where we are engaging in discussions about the topic - see https://discord.com/invite/3bGRvn9DVw
For those who missed it, the original 60 page consultation paper from the Commowealth Treasury is here https://treasury.gov.au/consultation/c2023-341659 and KWM (the law firm) did a great summary of it recently here https://www.kwm.com/au/en/insights/latest-thinking/not-by-the-same-token-treasury-releases-its-token-mapping-consultation.html
So there’s still a chance folks, get your responses in!
We were graced with the presence of Karl Mohan of Crypto.com on the Aus DeFi Twitter Spaces last Monday. He was kind enough to pay a visit to the NotCentralised offices and it was great to hear from him. You can check out the replay here:
And the obligatory selfie of course:
On Thursday, our co-founders from NotCentralised were named as part of the RBA CBDC Pilot Project that was announced late last year. They’re 1 of 14 use cases announced and you can learn more about what they’re up to here with some some posts about it on our Twitter
And some articles about it in the news on ausbiz
The AFR https://www.afr.com/companies/financial-services/rba-to-pilot-14-use-cases-for-a-digital-a-20230302-p5coss
And in crypto media too on The Chainsaw https://thechainsaw.com/defi/rba-pilot-digital-australian-dollar-cbdc/
Here’s the Decential take on things https://www.decential.io/articles/https/dfcrccomau/2023/03/01/tokenised-fx-settlement
And here’s Decrypto https://decrypt.co/122511/australia-announces-cbdc-pilot-and-study-for-the-eaud
Yahoo Finance comes into it as well https://www.yahoo.com/entertainment/australia-announces-cbdc-pilot-study-223902924.html
Then there’s CoinTelegraph - https://cointelegraph.com/news/australian-central-bank-to-launch-live-pilot-of-cbdc-in-coming-months
Innovation Aus too https://www.innovationaus.com/local-fintechs-to-lead-rba-digital-currency-pilots/
And we’re sure there will be more coming. Most importantly, when there are updates from the projects, they’ll be shared here on the DFCRC page so stay tuned - https://dfcrc.com.au/cbdc/cbdc-pilot-use-cases/
Account abstraction plus wallets were in the news at WalletCon this week and it led to this announcement of EIP-4337 which is basically a web3 wallet with web2 features - something we like over here. A breakdown here from CoinTelegraph https://cointelegraph.com/news/ethereum-erc-4337-smart-accounts-launch-at-walletcon-account-abstraction-is-here
We saw this interesting list on Medium recently of crypto projects getting funding. It ranges from dark pool trading to visualising your on-chain identity https://medium.com/crypto-24-7/9-interesting-crypto-projects-recently-raised-funding-98cb1402f571
Also important that we highlight this piece last week highlighting that a US court seems to think that NBA Top Shots NFTs are indeed securities. What this means for the rest of the NFT market is going to be interesting. https://decrypt.co/121938/nba-top-shot-nfts-securities-dapper-labs-lawsuit
Binance BUSD issues on show here being delisted from exchanges after depegging
Stacks blockchain is moving up the ranks in demand given the success of Ordinals on BTC and how many are looking at what other features Bitcoin can have - see more here
For more on what happened this week, check out the weekly wrap up from The Chainsaw as well https://thechainsaw.com/defi/the-chainsaw-weekly-wrap-volume-twenty-five/
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In simple terms are you in favour of CBDC's yes or no same question to digital ID's? Thank you. Personally, they scare the sh!t out of me! The government having complete control over time on what you spend sounds tyrannical to me.