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Reserve Bank of Australia sets up internal working group to explore blockchain technology

The Reserve Bank of Australia and other domestic regulators are increasingly focusing on blockchain technology and conducting intensive research on the technology.

This has been revealed by the central bank in a recent report on “Developments in the Financial System Architecture”. The RBA said that one aspect of fintech that is being closely examined is blockchain or distributed ledger technology (DLT).

“The Bank is participating in a working group of the Committee on Payments and Market Infrastructures examining DLT and its implications. In February, the working group published an analytical framework for authorities wishing to review and analyse the use of this technology for payments, clearing and settlement”, the bank said.

The RBA further revealed that it has established “an internal working group to consider the implications of the [blockchain] technology”. However, the bank did not provide any additional details on the working group.

The central bank also highlighted various initiatives by other domestic regulators. This includes a CFR working group, exploring the potential implications of DLT and how it fits within the existing regulatory framework in Australia, and class waivers by the Australian Securities and Investment Commission (ASIC) to foster fintech innovation in the country.

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