The Reserve Bank of Australia presents the CBDC project


Australia is set to complete its CBDC project in mid-2023, a new presentation said.

The project, which began in July this year, will test a pilot general-purpose CBDC for use in real-world services.

The aim is to use the pilot to understand the uses of a CBDC in Australia, with participants varying between financial institutions, FinTechs, public sector agencies and technology providers.

Meanwhile, authorities in China’s Hunan province have arrested 93 people for laundering money using cryptocurrencies, Coindesk wrote.

93 people were arrested for laundering up to 40 billion RMB, or $5.6 billion.

This comes as China moves to crack down on the use of crypto for crimes as well as the general use of digital assets. The country has passed a ban on crypto trading, mining, and the use of assets for payments.

The suspects were allegedly led by an individual calling themselves Hong and laundered funds from fraud and gambling across the country, according to a report on the WeChat account of the Hengyang County Police Department, which carried out the investigation. ‘arrest.

In other crypto news, Michael Patryn, co-founder of failed crypto exchange QuadrigaCX, has formed a new DeFi platform, UwU Lend, a report from Coindesk said.

It will be a fork of the Aave blockchain and went live on Wednesday (September 21). He has already locked in a total value of $57.5 million.

It will allow users to borrow against an algorithmic stablecoin named Magic Internet Money (MIM). Patryn, who goes by the name Sifu, reappeared after an unstable sequence of events after QuadrigaCX collapsed. He transferred millions in Ether to Tornado Cash after his stint as treasurer of Wonderland DAO, which once held over $1 billion in its treasury. He also received backlash from that community after his identity was revealed.

Finally, a popular smartphone app for trading foreign exchange was removed from the Apple App Store effective Friday (September 23), a report of Forbes says.

The app, MetaTrader, was created by Cyprus-based MetaQuotes, has been used to perpetuate a new crypto scam called pig butchering – where a scammer establishes a long-term relationship with the victim and then convinces them to lend money. ‘silver.

A victim described by Forbes had lost more than $1 million last year after making all his trades through MetaTrader, which showed him fictitious returns.

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A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking, only 9.3% call them their primary bank.

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