Cointime

Cointime

Download App
iOS & Android
Home / Policy

Australia Delays CBDC Introduction Due to Unresolved Issues, Says Central Bank

Australia's central bank, the Reserve Bank of Australia (RBA), has announced that it will not be making any decisions on a central bank digital currency (CBDC) for several years due to unresolved issues. The decision was made after a year-long research project conducted by the RBA and the Digital Finance Cooperative Research Centre (DFCRC) around the payments system.

The report highlighted the need for further research due to a range of legal, regulatory, technical, and operational issues, including finding affordable and secure solutions for key management and integrating a CBDC platform with industry use case applications. The report also noted that CBDCs could be viewed as an enabling complement to private sector innovation and that there was potential for privately issued stablecoins backed by CBDC.

Australia Central Bank Digital Currency
Comments

All Comments

Recommended for you

  • CointimeSG ·

    Brevan Howard, Nomura’s Laser back Plume tokenization blockchain

    Brevan Howard Digital and Nomura’s Laser Digital were part of the $20 million Series A funding round for Plume, the layer 1 permissionless blockchain focused on tokenizing real worlds assets (RWA).
    Brevan Howard, Nomura’s Laser back Plume tokenization blockchain

  • Satoshi Act Fund Co-founder: Another "Bitcoin Strategic Reserve" bill will be launched next week

    Dennis Porter, co-founder and CEO of the Bitcoin advocacy organization Satoshi Act Fund, announced on X platform that the team will launch another "Bitcoin Strategic Reserve" bill next week.

  • Hong Kong's Stablecoin Bill is gazetted and is expected to be submitted to the Legislative Council for first reading on December 18

    On December 6th, according to the Hong Kong Special Administrative Region Government News Bulletin, Hong Kong today published the "Stablecoin Regulation Bill" in the constitutional report to introduce a regulatory system for fiat currency stablecoin issuers in Hong Kong. The "Bill" aims to improve the regulatory framework for virtual asset activities to address the potential risks posed by fiat currency stablecoins to financial stability, ensure that users have sufficient protection, and leverage the benefits of virtual assets and related technologies. Under the proposed licensing system, anyone engaging in any of the following activities must first obtain a license from the Commissioner of Financial Management:

  • Trump: David Sacks will work to establish a legal framework for encryption to ensure that the encryption industry thrives in the United States

    Trump stated in his appointment letter to David Sacks that Sacks will be dedicated to establishing a legal framework that provides clarity to the cryptocurrency industry and enables it to flourish in the United States.

  • Australia’s financial regulator proposes new crypto rules, emphasizing risks and mitigation measures

     Australian Securities and Investments Commission (ASIC) has released a consultation paper suggesting updates to its regulatory guidelines for digital assets, with a focus on compliance requirements under the Corporations Act. The revisions to Information Sheet 225 (INFO 225) include 13 worked examples aimed at clarifying when digital assets qualify as financial products, such as stablecoins, packaged tokens, and staking services. In these examples, ASIC outlines scenarios involving exchange tokens, interest-bearing stablecoins, and tokenized assets such as concert tickets. The draft guidance proposes that classification depends on "inherent rights, interests, expectations, and product features that are offered together with the token." ASIC encourages cryptocurrency companies to apply for an Australian Financial Services License, providing them with a safe harbor from legal action.

  • Russian President Vladimir Putin officially signs digital currency tax law

    Russian President Vladimir Putin has signed a law regulating the taxation of digital currencies. According to the law, digital currencies are recognized as property. This also applies to currencies used for foreign trade payments within the experimental legal framework (EPR) in the field of digital innovation. Mining and sales of digital currencies are exempt from value-added tax. Operators of mining infrastructure must report to the tax authorities issuing cryptocurrencies for using their services. Failure to submit such information on time may result in a fine of 40,000 rubles. In terms of personal income tax, digital currencies obtained through mining will be classified as physical income (usually used when goods or services are paid for instead of currency). The value of the income currency will be determined based on market quotes. Such income will be subject to progressive taxation, taking into account tax deductions for mining costs. At the same time, the acquisition, sale or other circulation of digital currencies will be subject to two-stage personal income tax rates (13% for income up to 2.4 million rubles, and 15% for income exceeding this amount). They will be included in the same tax base as securities, bank deposits, and other sources of transaction income. As for corporate income tax, digital currency mining will be subject to the standard tax rate (25% from 2025 onwards).

  • Taiwan forces cryptocurrency providers to register for anti-money laundering

    after authorities imposed fines on two cryptocurrency exchanges for related violations, Taiwan, China has advanced new anti-money laundering (AML) regulations for cryptocurrency businesses. On November 27, the Financial Supervisory Commission (FSC) announced that the upcoming registration requirements for anti-money laundering for cryptocurrency exchanges would be postponed from the previous deadline of January 1, 2025 to November 30. According to previous notices, virtual asset service providers (VASPs) that have not registered with the government may face up to two years imprisonment or a maximum fine of NT$5 million (US$155,900).

  • Supreme People's Procuratorate: Enhance the ability to combat money laundering crimes using new technologies and products such as virtual currency

    newly revised "Anti-Money Laundering Law of the People's Republic of China" will come into effect on January 1, 2025. The Secretary of the Party Group and Procurator-General of the Supreme People's Procuratorate, Ying Yong, emphasized the need to strengthen cooperation to combat money laundering crimes, accurately grasp the provisions of the revised anti-money laundering law on improving the scope of upstream money laundering crimes, and implement the anti-money laundering law and the criminal law's provisions on "money laundering" in a comprehensive manner. Accurately apply the "Interpretation of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues Concerning the Application of Law in Handling Criminal Cases of Money Laundering," deepen the three-year action to combat and govern illegal money laundering crimes, punish money laundering and related crimes in accordance with the law, enhance the ability to combat money laundering crimes using new technologies, products, and businesses such as virtual currencies, and form a joint force to combat money laundering.

  • Hong Kong Central Bank to Subsidize Companies Issuing Tokenized Bonds

    Hong Kong Monetary Authority (HKMA), Hong Kong's central bank, has launched a program to subsidize part of the cost of issuing tokenized bonds in order to encourage more tokenization in its capital markets.

  • Pennsylvania Passes "Bitcoin Rights" Bill and Considers Strategic Bitcoin Reserve Amid Criticism and Potential Economic Benefits

    Pennsylvania has passed the "Bitcoin Rights" bill, which protects the rights of individuals and businesses to self-custody digital assets, operate blockchain nodes, and conduct transactions without interference from restrictive municipal ordinances. This move establishes Pennsylvania as a leader in digital asset regulation and demonstrates its commitment to fostering innovation in the sector while addressing issues such as economic empowerment and financial inclusion. Additionally, two Republican Representatives have introduced the Strategic Bitcoin Reserve Act, which would allow the state treasurer to allocate up to 10% of Pennsylvania's funds into bitcoin and crypto-based exchange-traded products. However, critics have raised concerns about the risks of holding bitcoin in government reserves, including extreme price volatility and security vulnerabilities, as well as environmental concerns related to bitcoin mining's energy consumption. Despite this, Pennsylvania's proactive approach to fostering a crypto-friendly environment positions the state as a model for equitable digital asset adoption and underscores the growing role of state governments in shaping the future of the digital economy.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company