Australia advances testing of wholesale central bank digital currency

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Australia’s central bank, the Reserve Bank of Australia (RBA), announced on Thursday it is advancing its exploration of a wholesale central bank digital currency (CBDC) through “Project Acacia,” which involves real money and assets for the first time. The project will test 19 pilot cases across multiple asset classes and five proof-of-concept trials with simulated transactions.

The pilots cover fixed income, private markets, trade receivables, and carbon credits. Settlement assets tested will include CBDCs, stablecoins, bank deposit tokens, and innovative uses of commercial banks’ existing deposits at the RBA. The trials will use platforms like Hedera, Redbelly, R3 Corda, and Canvas Connect over the next six months, with findings expected by mid-2026.

Brad Jones, RBA assistant governor overseeing the financial system, said the initiative aims to evaluate how innovations in central bank and private digital money, alongside payments infrastructure, can enhance the functioning of wholesale financial markets in Australia.

The RBA is focusing solely on wholesale applications, having determined there is no significant economic benefit for a retail CBDC at this stage. Expected advantages include reduced counterparty and operational risks, improved collateral efficiency, greater transparency and auditability, and lower costs for institutions and customers.

French competition authority launches probe into Meta’s online advertising dominance

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The French competition authority announced on Wednesday that it has formally notified Meta Platforms (META.O) of allegations that the company abused its dominant position in the online advertising market. The ongoing investigation, expected to last several months, does not imply immediate liability.

The probe was triggered by a complaint filed in October 2022 by Adloox, an advertising platform now owned by U.S.-based Scope3. In addition, French media giants such as TF1, France TV, and BFM TV are pursuing legal action against Meta over alleged unlawful business practices in the advertising sector.

Meta also faces a high-profile trial in Spain this October, where over 80 media companies have lodged a €551 million ($645 million) complaint accusing the firm of unfair competition in advertising.

Earlier this year, online rights groups filed complaints across Europe targeting Meta’s advertising practices. On the same day as the French announcement, EU antitrust regulators fined Meta and Apple for violations of European Union laws.

Qantas reveals cyber breach exposed personal data of over 5 million customers

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Australia’s Qantas Airways confirmed on Wednesday that a major cyberattack compromised the personal data of approximately 5.7 million customers, marking one of the country’s largest data breaches in recent years. Initially, Qantas reported 6 million records affected but later removed duplicates.

More than one million customers had sensitive details like phone numbers, birth dates, or home addresses accessed. An additional four million customers’ data was limited to names and email addresses.

The airline said there is currently no evidence that the stolen data has been publicly released, and it is actively monitoring the situation to protect affected customers.

“Since the incident, we have implemented several new cybersecurity measures to better safeguard our customers’ data and are thoroughly reviewing the breach,” Qantas Group CEO Vanessa Hudson stated.

This breach follows a wave of high-profile cyberattacks in Australia, including those against telecom giant Optus and health insurer Medibank in 2022, which spurred the introduction of mandatory cyber resilience regulations.