The Reserve Bank of Australia is joining Commonwealth Bank, National Australia Bank, Perpetual and blockchain tech firm ConsenSys Software to look at the implications and use of a wholesale central bank digital currency (CBDC) that uses distributed ledger technology.
Australians who wish to purchase cryptocurrencies will have to first provide identity documents and open an account with the digital currency provider in question, a spokesperson for Minister for Law Enforcement and Cyber Security, Angus Taylor (below, right), says.
The current value of the digital currency bitcoin is estimated at US$180 billion, exceeding the total cash in circulation in the UK and a number of other countries including Australia, it has been claimed.
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