Australian stock exchange froze blockchain implementation for 3 years
The exchange argues for technology integration shift with the fallout from the coronavirus pandemic
Blockchain was originally supposed to appear in 2022
Australia’s financial regulator is still skeptical about digital currencies
International consortium of news organizations developing transparency standards.
Australia’s main stock and futures exchange postponed blockchain integration until 2023 due to the devastating effects of the coronavirus pandemic
The Australian Stock Exchange (ASX) has pushed back the introduction of blockchain into its own settlement system until 2023. This was announced in the official press release of the exchange. The reason for the shift, according to ASX, is a request from some public companies “for more time to prepare for the new system.”.
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More than 100 public companies took part in public consultations. We will remind, earlier ASX planned to integrate distributed ledger technology into its business processes in April 2022.
According to ASX, the harmful effects of the coronavirus pandemic continue to affect the development of the entire Australian industry:
“This includes the impact on collaboration and productivity, the importance of digitizing processes and the need to further reduce the risk of switching to the new CHESS system,” said ASX..
By pushing aside blockchain integration, the exchange will focus on increasing the throughput of operations and scalability of the exchange core, ASX notes. Previously, ASX Deputy CEO Peter Heom said blockchain could help improve customer data warehouse synchronization.
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The shift in blockchain adoption comes a few weeks after the Reserve Bank of Australia (RBA) said there was no “compelling case” for a central bank digital currency (CBDC). Central Banks (CBDC). As of … More) common use.
However, digital payments are becoming more popular in Australia every day. According to an RBA survey, Australians in most cases choose to pay by credit card rather than cash. 63% of respondents answered in favor of paying by card. Moreover, 44% of them paid for goods with a debit card and only 19% – with a credit card..
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