Australia’s Central Bank is Conducting Internal Blockchain Research

Australia’s central bank is involved with several initiatives focused on blockchain technology, public records show.

AccessTimeIconApr 13, 2017 at 4:17 p.m. UTC
Updated Sep 11, 2021 at 1:14 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Australia’s central bank is involved with several initiatives focused on blockchain technology, public records show.

In a published report on its work with financial markets infrastructure, the Reserve Bank of Australia (RBA) disclosed that it had set up an in-house working group "to consider the implications of the technology", though it’s not immediately clear when the group was created.

The research is taking place in an environment in which both the Australian public and private sectors are exploring blockchain. AUSTRAC, one of the country's finance regulators, launched an innovation hub in March focused in part on experimenting with different use cases. That same month, the Australian government committed funding to help develop standards around the tech while its chief securities regulator moved to boost engagement with startups working on the tech.

Perhaps more notably, the Australian central bank also has its hands in several cross-institution organizations as well.

Key among these is a group within the Council of Financial Regulators – a sort of umbrella group for Australian finance watchdogs – that is "examining DLT and its implications". On a broader scale, the RBA is also working with the G-20 group of nations on regulatory approaches to financial technology.

That the RBA would develop its own research initiatives is perhaps unsurprising given that, in late 2015, then-governor Glenn Stevens hinted that the institution was looking to learn more about the tech.

Earlier that year, the Australian government began to assess whether its finance regulators, including the RBA, had jurisdiction over bitcoin.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.