Policy Update - March #1

Consultation beings on new Australian Cyber Security Strategy Discussion Paper

The Department of Home Affairs recently launched a short discussion paper on a new Australian cyber security strategy. To advise on the development of the strategy, the Department has appointed an Expert Advisory Board.

The paper seeks feedback on the policy areas that should be included and specific actions that should be taken to improve Australia's cyber resilience, including:

• Establishing national frameworks to respond to major incidents;

• Improving public-private threat sharing and blocking mechanisms;

• Supporting the cyber workforce and skills pipeline;

• Improving community awareness and victim support.

Roundtables with Treasury on crypto token mapping consultation paper

Over the last week, members were involved in policy roundtables with Treasury to discuss crypto token mapping. Thank you to everyone who participated and contributed to the discussion. We are currently finalising our submission to this consultation.

RBA announces successful CBDC use case proposals

The Reserve Bank of Australia recently announced the Central Bank Digital Currency (CDBC)  use case proposals, along with their providers, which have been invited to participate in the RBA's live pilot. The pilot, which will take place over the coming months, will explore potential use cases and economic benefits of a CDBC in Australia. 

Selected use cases included corporate bond settlement, tokenised FX settlement, GST automation, livestock auction, web3 commerce, funds custody and construction payments.

Congratulations to our members and partners MasterCard, Moonova, Cuscal and Intuit for being invited to participate in the pilot. 

Further information on the selected use cases can be found here.