Australia’s ANZ bank has completed a trade in tokenized carbon credits using its central bank digital currency-back stablecoin in the first of 14 use case studies.
Australia and New Zealand Banking Group has completed its use case in the pilot project run by the Reserve Bank of Australia and Digital Finance Cooperative Research Centre using central bank digital currency . ANZANZ tokenized Australian Carbon Credit Units and GCV used its A$DC stablecoin to trade carbon credits on a public, permissionless blockchain. Settlement occurred “in near real-time via ANZ smart contracts,” the bank said. Australian CBDC was used to back A$DC.
“When applied to carbon markets, tokenisation has the potential to improve efficiency and transparency, reduce risk and preserve the unique characteristics of underlying projects to incentivise investment in climate solutions.” This was the first of three Australian CBDC pilot use cases in which ANZ will participate. It will also be involved in use cases for offline payments and pension fund payments, which are
the RBA announced in March. Besides the three projects, ANZ will also be involved in distributing the CBDC.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Price Forecast: XAU/USD to give up gains if the banking crisis eases – ANZGold rallied amid concerns over a global economic slowdown. However, economists at ANZ bank expect the yellow metal to give up gains if the bank turmo
Read more »
USD/CAD will gradually fall to 1.29 by December this year – ANZThe Canadian Dollar is expected to struggle in the near-term. Nonetheless, economists at ANZ Bank believe that the USD/CAD pair will turn back lower l
Read more »
The Ford Mustang Mach-E Will Finally Hit Australian Shores This Year | CarscoopsThe Australian version of the electric crossover will be offered in Select, Premium, and GT guises
Read more »
Australian woman adjusts to life with two vaginasA woman with a rare medical condition uses it to her advantage: for business, pleasure, and education.
Read more »
Australian mayor readies world's first defamation lawsuit over ChatGPT contentA regional Australian mayor said he may sue OpenAI if it does not correct ChatGPT's false claims that he had served time in prison for bribery, in what would be the first defamation lawsuit against the automated text service.
Read more »
Australian man jailed for 13 years in Cleo Smith kidnappingA man who kidnapped a four-year-old girl in Western Australia and held her captive for 18 days was sentenced to more than 13 years in prison on Wednesday, in a case that gripped the country.
Read more »