Australian central bank mentions "Ethereum" as digital currency push continues

Published on by Cryptoslate | Published on

With all institutional attention on Bitcoin as of late, Ethereum has received little love from the corporations and governments of the world.

The central bank of Australia recently mentioned the word "Ethereum" in an announcement of a new partnership.

Australia's central bank mentions Ethereum in PR announcing ConsenSys partnership.

First spotted by Ethereum analyst and marketer Anthony Sassano, the Reserve Bank of Australia just announced a partnership with Commonwealth Bank, National Australia Bank, Perpetual, and ConsenSys Software.

This partnership will focus on the implications of a central bank digital currency based on blockchain/distributed ledger technology for the Australian economy.

Quorum is a corporate- and government-focused blockchain protocol that is based on Ethereum technology but sacrifices some decentralization for an increase in transactional throughput.

This is the latest time a prominent institution has begun dabbling in Ethereum.

Stepping back, analysts say that the development of central bank digital currencies taking place around the world is decisively bullish for Bitcoin, then the rest of the cryptocurrency ecosystem.

"That is where it is headed. Because for this modern digital world, it is the payment system that we all want, but it is also more importantly, it is the store of value we need. The central banks are going to compete at payments level. That is probably the end of stablecoins. I think the central banks will force those out of the system. Bitcoin as a pristine reserve asset is something different."

He specifically looks to Bitcoin's power to give investors the ability to opt-out of monetary stimulus and out of invasions of privacy that would likely exist in a world where all digital payments are routed through government servers.