Malcolm Roberts 🇦🇺@MRobertsQLD
I’ve been keeping a very close eye on the Reserve Bank’s moves toward a digital future. During this exchange with Governor Bullock, I pressed for clarity on exactly where they are headed with Central Bank Digital Currencies (CBDC) and the "unified digital currency" the big banks have been whispering about.
I asked about developments in both domestic and international settlements. The Governor admitted that while they ran a pilot back in 2023, the focus has shifted. They aren't looking at a "retail CBDC" right now, which would be digital cash for everyday shopping. Instead, their focus is firmly on looking at how to settle "tokenised assets."
Tokenised financial products, also called asset tokens, are a way to turn traditional money-related things into digital versions that live on blockchain technology, the same as that used by Bitcoin and Ethereum. These could include shares, real estate, artworks and precious metals.
Normally these are hard to buy and/or sell quickly, especially in small amounts, and often involve lots of paperwork, middlemen and high minimum investments. Tokenisation changes that by creating a digital token that acts like a certificate of ownership for a piece (or all) of that real thing. The token is recorded on a blockchain, which is theoretically secure.
You would be able to buy a share of a home, business, art or precious metals within minutes, allowing small investments to grow your savings more than bank interest would do.
Note: This technology is not there yet! The RBA is scoping it out - as many institutions are.
I will continue to monitor these experiments to ensure that this doesn't come at the cost of our financial privacy or sovereignty.
— Senate Estimates
