Australia Explores CBDC Use Cases in Four Key Areas, Says Technology is “Some Years Away”

The Reserve Bank of Australia (RBA), the country’s de-facto central bank, released the findings of its central bank digital currency (CBDC) pilot project, which has the potential “to support increased efficiency and resilience in some areas of the payments system.”

The central bank debuted the research project last year in partnership with the Digital Finance Cooperative Research Centre (DFCRC) exploring the potential use cases of a digital Australian dollar (eAUD).

The report noted that “a CBDC could be viewed more as an enabling complement to, rather than substitute for, private sector innovation.”

The research involved a total of 16 use cases submitted by industry participants from March to May this year, which included offline payments by ANZ bank, corporate bond settlement by Australian Bonds Exchange and tokenized FX settlement by Canvas Digital.

The central bank issued a limited-scale ‘pilot’ CBDC in a ring-fenced environment that involved selected industry participants.

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World Mobile launches on Google Play for customers in Australia, Canada, UK and US

The company also announced a partnership with artificial intelligence company SingularityNET.

The UK-based mobile network operator – World Mobile – teamed up with the decentralized artificial intelligence (AI) marketplace – SingularityNET – to develop credit ratings for a lending program that utilizes blockchain technology.

Decentralized wireless (DeWi) network operator World Mobile announced the launch of its app on Google Play for users in the United States, the United Kingdom, Australia, Canada and Tanzania on Aug. 22.

The launch comes on the heels of a series of beta tests conducted in numerous markets typically considered underserved when it comes to mobile connectivity and availability, including Kenya, Mozambique and Nigeria. The World Mobile app is also currently available in Zanzibar.

According to World Mobile, its DeWi services are meant to bridge the gap between major telecoms and those in underserved markets. It does so by providing some connectivity services and through the promotion of a blockchain-based sharing system it supports through a proprietary token, World Mobile Token (WMT), and the inclusion of other Cardano-based tokens.

In others, it adapted SpaceX’s Starlink satellite internet service for mobile customer use.

Per a World Mobile blog post, the two companies will work together to develop and manage customer service solutions for the World Mobile platform.

The post also mentions that the partnership will explore an AI and blockchain-based lending and credit approval service that “adapts to the users’ payment history and reputation.

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Crypto Derivatives Exchange Bitget Makes KYC Necessary for New Users

Cryptocurrency derivatives exchange Bitget announced revised Know Your Customer (KYC) requirements to ensure compliance with global regulatory standards.

The move comes as the crypto exchange aims to align its operations with recommendations from international regulatory bodies and to provide a secure environment for cryptocurrency trading.

The exchange claims that the revised KYC guidelines are put in place to safeguard the interests and rights of its users.

Starting from September 2023, Bitget will roll out the changes to its KYC verification process.

New users who register with the platform will be required to complete level 1 KYC verification before they can access a range of services offered by Bitget.

These services include the ability to deposit funds and engage in the trading of various cryptocurrencies.

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Fitch Makes Case for Why Netanyahu Won’t Doom Israel’s Economy

When Fitch Ratings issued an optimistic report on Israel last week, it defied growing conventional wisdom that the government’s populist agenda is hacking away at the economy while driving capital, companies and talent abroad.

Breaking with naysayers at the other major credit assessors, Fitch affirmed Israel’s sovereign rating at A+ and signaled little worry over a planned judicial overhaul that’s unleashed seven months of unprecedented unrest.

In an interview, Cedric Berry, Fitch’s lead analyst on Israel, said he draws comfort from the combination of Israel’s economic resilience and the fractiousness of its politics. What’s more, Prime Minister Benjamin Netanyahu’s government “watered down” its effort to reduce judicial power, he said.

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China Urges More Loans, Debt Risk Reduction as Woes Compound

China’s central bank and financial regulators met with bank executives and told lenders again to boost loans to support a recovery, adding to signs of heightened concern from policymakers about the deteriorating economic outlook.

Authorities also urged for adjustments and an optimization of policies for home mortgages at the meeting on Friday, according to a statement from the People’s Bank of China on Sunday, without elaborating on the housing initiatives.

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Economists Lift US Growth Forecasts, See Fed Higher for Longer

Economists see a stronger US economy into the next year and a smaller rise in unemployment, supporting expectations that the Federal Reserve will keep interest rates higher for longer.

Gross domestic product is expected to advance an annualized 1.8% in the third quarter, nearly quadruple the 0.5% pace projected in July, according to the latest Bloomberg monthly survey of economists. They also see the economy expanding somewhat in the last three months of the year, rather than contracting.

While forecasters are now projecting a stronger economy across the board, consumer spending — which accounts for about two-thirds of GDP — is seen driving momentum as Americans continue to spend at a healthy pace. The Aug. 11-16 survey of economists included 68 responses, and many were submitted before a government report showed retail sales beat estimates in July after upward revisions to the prior two months.

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