Did the weird just turn super boring?
A group of fintech start-ups have submitted cases to the Reserve Bank of Australia and the federal Treasury to demonstrate the need for a new government-endorsed Australian dollar cryptocurrency.
“The Digital Australian Dollar would be a huge step to grow our vibrant blockchain and digital currencies industry,” said FinTech Australia chief executive Danielle Szetho.
“Having key stakeholders like the RBA involved in further explorations of an Australian digital currency will help build trust and usage of cryptocurrencies, but at the same time will ensure we do not undermine Australia’s currency stability and sound monetary policy.”
With the rise of blockchain and cryptocurrencies, Szetho said “plenty of exploration is happening around this topic around the world”.
Last month, a consortium of Japanese banks — with the backing of that country’s central bank and regulators — was reported to be working on a digital currency to launch in time for the 2020 Tokyo Olympics.
The new J-Coin would be exchanged at a one-to-one rate to the Japanese yen, and is being created to push a population still very much in love with coins and notes towards a cashless society.
Not sure what to make of this. It seems little more than existing forex using blockchain, which would create a few efficiencies for cross-border transactions but not much else given its one-to-one relationship to the underlying fiat. Interested in reader views.
