


Additionally, the speed and volume required for CBDC payments simply cannot be matched by public permissionless systems. This is in part due to concerns about speed and that pseudononymous blockchains are not very private once wallet addresses start to be identified. Research shows that 80% of central banks worldwide are engaging in central bank digital currency ( CBDC) related research, with banks exploring existing open source platforms to run a CBDC on, such as Ethereum which the Reserve Bank of Australia has considered for wholesale bank settlements.Ī fully open model such as used in the Bitcoin network, where anyone can run a node transact, validate and view the transactions does not fit in with the requirements of a CBDC for most central banks.

While Blockchain Global has offered to fund legal fees for “ the liquidation of all related entities to return consumer funds“, given that very few liquidations result in a meaningful return to creditors, it seems until legal action is commenced against those who were operating the exchange, many questions will remain unanswered. Many believe they are victims of a well-planned scam and have given up hope of ever getting their money back.
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Peak Trading Group appears to have been registered as a DCE with AUSTRAC but that registration was cancelled on 23 December 2020. Prior to 5 February 2020, the terms of use on the ACX’s website identified Blockchain Global Limited ( Blockchain Global) as the operator, yet an unannounced change suddenly named Peak Trading Group Pty Ltd as the operator of the exchange. Yet investors still have no visibility over a path to restitution or justice. The Australian Financial Review reported:Ībout 200 are understood to have lost as much as $10 million … ACX has been banned for life by the peak industry body while the financial regulator AUSTRAC has revoked the digital currency the platform. It’s been 12 months since the Australian-based digital currency exchange, ACX dramatically stopped responding to users’ withdrawal requests and ceased updating the price of tokens on their website, yet customers involved are no further ahead (paywalled) in understanding what has happened to their money. The agony of ACX Exchange customers continues
