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Sunday 21 October 2018

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RBA encourages digital identity framework

Written by Anthony Strzalek
23/08/2017

The Reserve Bank of Australia’s Payments System Board, has discussed the role that digital currencies could potentially play in the payments system at a recent meeting.

It noted recent international work on whether there might be a demand for ‘digital cash’ issued by central banks and, if so, what form it might take. Members agreed that the bank should continue to consider the technical and policy issues associated with digital cash.

The board also discussed the issues associated with the development of a digital identity framework in Australia. Members noted the potential for a framework for trusted digital identity to make online interactions more convenient and secure, including the potential to reverse the rise in fraud rates on card transactions.

Members encouraged the payments industry to work collaboratively on digital identity and also noted the importance of engagement between banks and government on this issue.

Also discussed at the meeting were the conclusions from an industry consultation on the future of the ATM Access Code and Access Regime. The board noted the industry's planned process to review and update the access framework, and encouraged the industry to develop a roadmap for the transition to self-regulation.

The board members also looked at an application to extend ‘Exemption No 1 of 2012’ to allow certain banks and ATM deployers to continue to provide fee-free access to ATM services in certain very remote Indigenous communities. Members gave their in-principle approval for the exemption to be extended for five years, subject to the outcome of a corresponding ACCC authorisation application by the same parties.



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