Oz Reserve Bank Explores Blockchain

Blockchain, FinTech, News, Regulation | April 17, 2017 By:

The Reserve Bank of Australia (RBA), Australia’s central bank, has multiple endeavors underway to study and develop blockchain solutions.

The recent report on “Developments in the Financial System Architecture” detailed those plans. The central bank disclosed that it has set up an internal working group to consider the implications of the technology.

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

The bank also revealed various initiatives by other Australian regulators. This included a Code of Federal Regulations (CFR) working group;  exploring the potential implications of distributed ledger technology (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.