Michele Bullock News

Investing.com-- Most Asian currencies rose on Friday, while the dollar hit a 15-month low against a basket of currencies as weak U.S. inflation readings saw investors pricing in fewer interest rate hikes this year.

Investing.com-- Most Asian stocks rose further on Friday, capping off a positive week on signs of cooling U.S. inflation, with focus now turning to upcoming data offering more cues on the Chinese economy. 

Also read: Japan Accuses Australia of Betrayal in Fight Over Natural-Gas Exports Lowe will leave office on September 17, marking the end of his 43-year career at the central bank. Lowe is due to accompany Chalmers to a Group of 20 meeting in India next week. "This is a history-making appointment, Michele Bullock will become the first woman to ever lead the Reserve Bank in this country," said Chalmers reported Reuters.

Interested industry participants will be invited to develop specific use cases that demonstrate how a CBDC could be used to provide innovative and value-added payment and settlement services to households and businesses.Michele Bullock, deputy governor of the Reserve Bank, says: "This project is an important next step in our research on CBDC. We are looking forward to engaging with a wide range of industry participants to better understand the potential benefits a CBDC could bring to Australia."While the Reserve Bank has been actively working on the prospect for inroducing a CBDC in the wholesale markets, scepticism has been expressed about the need for a retail equivalent."Considerable research has been undertaken by central banks, including the Reserve Bank, into the feasibility and possible technical design of CBDC, in particular exploring the potential use of new technologies such as distributed ledger technology," the central bank acknowledges.

The Reserve Bank of Australia weighs in the central bank digital currencies (CBDCs) race to explore use cases for a CBDC in the country. It will collaborate with the Digital Finance Cooperative Research Centre (DFCRC) on a respective research project. 

The Reserve Bank of Australia (RBA) has launcheda year-long trial to explore a central bank digital currency's (CBDC) business models and innovative use cases.

The project was organised along three workstreams: one focusing on high-level functional requirements and design, and two concurrent technical streams that developed prototypes on the Corda and Partior blockchain platforms.Andrew McCormack, head of the BIS Innovation Hub Centre in Singapore, says: "A common platform is the most efficient model for payments connectivity but is also the most challenging to achieve. Project Dunbar demonstrated that key concerns of trust and shared control can be addressed through governance mechanisms enforced by robust technological means, laying the foundation for the development of future global and regional platforms."Michele Bullock, assistant governor, Reserve Bank of Australia, adds: "Allowing entities to directly hold and transact in CBDCs from different jurisdictions could reduce the need for intermediaries in cross-border payments, but it would need to be done in a way that preserves the security and resilience of these payments.