CBDC of Reserve Bank of Australia to be tested soon, Ripple to engage in Central Bank Digital Currencies initiatives

CBDC of Reserve Bank of Australia to be tested soon, Ripple to engage in Central Bank Digital Currencies initiatives

Tel Aviv Stock Exchange Proposes Allowing Nonbank Members to Trade Cryptocurrency

The Tel Aviv Stock Exchange is suggesting amending its regulations to enable customers of non-banking members to trade crypto, due to the increasing interest in digital assets in Israel. Non-banking financial firms can provide investment and brokerage services, but they cannot accept deposits from the public.

If the proposal goes ahead, nonbank members must purchase and sell cryptocurrency through authorized crypto trading and custody providers. The proposal is currently open for public discussion and requires board approval.

Reserve Bank of Australia to launch CBDC "live pilot" in coming months

In the next few months, the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre are planning to initiate a "live pilot" of a central bank digital currency (CBDC). The RBA is partnering with the DFCRC to research potential use cases and economic benefits of a CBDC in Australia.

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The trial is set to run from March 31 to May 31, with a final report of the findings to be published on June 30. Participants will include Commonwealth Bank, Australia and New Zealand Bank, Mastercard, and others, with use cases ranging from offline payments to tax automation and a CBDC for "trusted Web3 commerce."

Ripple to help Central Banks

Brooks Entwistle, Ripple's Senior VP of Customer Success and Managing Director of APAC and MENA, emphasized the company's commitment to Central Bank Digital Currency (CBDC) initiatives, citing it as a key focus area for 2023. According to Entwistle, Ripple is already in talks with more than 20 central banks and is currently working on CBDC projects with Bhutan and Palau.

Entwistle also stressed the importance of engaging with regulators globally, noting that some countries are more open to dialogue than the US. Additionally, Entwistle highlighted RippleNet's presence in over 70 countries and its potential to provide a solution for cross-border payments.

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