Silver Stackers logo

Silver Stackers

Discussion forum for those
who love to stack precious metals

You are not logged in.

Announcement

Forum registration is open.

#1 2016-02-23 15:57:20

SpacePete
Silver Stacker
Registered: 2014-03-01
Posts: 13,437
Trades :   122 
Website

RBA muses on digital Aussie dollar

RBA muses on digital Aussie dollar

The Reserve Bank has raised the prospect of issuing a truly digital Aussie dollar supported by blockchain.

Tony Richards, the central bank's head of payments policy, said central banks, including the Bank of England, the Bank of Canada and the Peoples Bank of China, are exploring digital versions of their national currency.

"In the more distant future it is possible that we may see a digital version of the Australian dollar," he said.

He said it is unlikely that private, virtual currencies like Bitcoin could ever replace "well established, low inflation national currencies within individual economies" due to its high volatility.

"Bitcoin has, however, served to stimulate interest in the potential of distributed ledgers extending to the possibility of central bank issued digital currencies."

It could involve the RBA still issuing the currency and possibly still involve banks distributing it.

But some suggest a distributed ledger could be held on everyone's digital device to verify the cash, perhaps doing away with the need for banks to hold the currency.

Nigel Dobson, ANZ Bank's head of group payments management said most banks think they already have a digital currency, but if it should no longer be held by them, regulators would still need to oversee it.

"A digital currency issued by a central bank may not be held in a bank account," he told the Payments Innovation conference in Sydney on Tuesday. "But I guarantee you that digital wallet will have to be transparent and regulated for the purposes of anti-money laundering, counter-terrorism financing and so on."

Mr Richards said there are still security and authentication problems to overcome and he questioned whether a fully digital currency would be superior to notes and coins.

"The bank will be interested to see what proves to be possible and what proves to be problematic," he said.

http://www.smh.com.au/business/banking- … n11t5.html


Catus amat piscem, sed non vult tingere plantas

Offline

The following 3 users say thank you for this post: sammysilver, Clawhammer, Skyrocket

#2 2016-02-23 16:02:58

willrocks
Silver Stacker
From: Yesterday
Registered: 2012-05-10
Posts: 7,629
Trades :   29 

Re: RBA muses on digital Aussie dollar

Low inflation?

Does the author understand what they've written?


"You can ignore reality, but you cannot ignore the consequences of ignoring reality." - Ayn Rand

Offline

The following 2 users say thank you for this post: Clawhammer, tozak

#3 2016-02-23 16:13:07

SpacePete
Silver Stacker
Registered: 2014-03-01
Posts: 13,437
Trades :   122 
Website

Re: RBA muses on digital Aussie dollar

willrocks wrote:

Low inflation?

Does the author understand what they've written?

This bit? 

Tony Richards, the central bank's head of payments policy, said ...  it is unlikely that private, virtual currencies like Bitcoin could ever replace "well established, low inflation national currencies within individual economies"


Catus amat piscem, sed non vult tingere plantas

Offline

The following user says thank you for this post: willrocks

#4 2016-02-23 17:01:00

Clawhammer
Silver Stacker
From: Gone Fishin'
Registered: 2010-02-26
Posts: 9,505
Trades :   

Re: RBA muses on digital Aussie dollar

SilverPete wrote:

Mr Richards said there are still security and authentication problems to overcome and he questioned whether a fully digital currency would be superior to notes and coins.

Kinda goes against their argument FOR going to a cashless economy.


Specialisation is for insects

Offline

#5 2016-02-23 17:02:41

SpacePete
Silver Stacker
Registered: 2014-03-01
Posts: 13,437
Trades :   122 
Website

Re: RBA muses on digital Aussie dollar

Clawhammer wrote:
SilverPete wrote:

Mr Richards said there are still security and authentication problems to overcome and he questioned whether a fully digital currency would be superior to notes and coins.

Kinda goes against their argument FOR going to a cashless economy.

Yep, something is not adding up with the official justifications.


Catus amat piscem, sed non vult tingere plantas

Offline

#6 2016-02-23 20:03:32

systematic
Member
Registered: 2010-06-06
Posts: 6,419
Trades :   

Re: RBA muses on digital Aussie dollar

The banks are talking crap and hope people can't tell ...


if everyone is thinking the same, we aren't thinking very much ...

Offline

#7 2016-03-30 20:10:22

Proper Gander
Member
From: Melbourne
Registered: 2015-03-03
Posts: 34
Trades :   

Re: RBA muses on digital Aussie dollar

Massive government deficits, zero interest rates, cashless currencies and bail-ins.

Call me a prepper nutter, but I smell a rat.

Offline

#8 2016-03-30 20:14:43

sammysilver
Silver Stacker
From: Sydney
Registered: 2011-04-07
Posts: 5,482
Trades :   189 
Website

Re: RBA muses on digital Aussie dollar

Proper Gander wrote:

Massive government deficits, zero interest rates, cashless currencies and bail-ins.

Call me a prepper nutter, but I smell a rat.

You're not stockpiling rats are you????


The price we pay for the good life is public servitude.

Offline

#9 2016-03-30 20:28:57

Proper Gander
Member
From: Melbourne
Registered: 2015-03-03
Posts: 34
Trades :   

Re: RBA muses on digital Aussie dollar

Hey, it['s an apocalypse. A man's gotta eat.

Offline

The following 2 users say thank you for this post: sammysilver, SpacePete

#10 2016-03-30 20:31:51

sammysilver
Silver Stacker
From: Sydney
Registered: 2011-04-07
Posts: 5,482
Trades :   189 
Website

Re: RBA muses on digital Aussie dollar

Ratatouille.


The price we pay for the good life is public servitude.

Offline

The following user says thank you for this post: Proper Gander

#11 2016-03-30 20:35:29

SpacePete
Silver Stacker
Registered: 2014-03-01
Posts: 13,437
Trades :   122 
Website

Re: RBA muses on digital Aussie dollar

sammysilver wrote:

Ratatouille.

Feed a man a rat and he eats for a day. Teach a man how to milk rats and he has mini cheese for a lifetime.


Catus amat piscem, sed non vult tingere plantas

Offline

The following user says thank you for this post: Proper Gander

#12 2016-03-30 21:16:10

Jislizard
Silver Stacker
From: Australia
Registered: 2011-04-07
Posts: 7,468
Trades :   57 

Re: RBA muses on digital Aussie dollar

I thought fractional reserve banking could already conjure up electronic funds, why do they need to bring block chains into it?


Now stacking: World Junk Silver Coins.
Swap your older, worn, dirty fractional silver coins for fiat, .999 rounds or legal tender. 
Individual coins, mixed lots or bulk. 
Not looking for Australian, bent, holed or damaged coins, thanks!

Offline

#13 2016-03-30 22:15:44

JulieW
Silver Stacker
From: Australia
Registered: 2010-10-14
Posts: 11,099

Re: RBA muses on digital Aussie dollar

They don't trust each other.

Last edited by JulieW (2016-03-30 22:15:59)

Offline

Board footer

Powered by FluxBB