The Australian central bank has announced several projects that will develop use cases for its domestic CBDC. The central bank is expecting to complete its CBDC pilot, which kicked off last August, by mid-2023. The Reserve Bank of Australia (RBA) has announced several projects that will develop use cases for the eAUD, the central bank digital currency […]
The Australian central bank has announced several projects that will develop use cases for its domestic CBDC.The Reserve Bank of Australia has announced several projects that will develop use cases for the eAUD, the central bank digital currency of Australia, during its testing phase.
The projects will investigate use cases ranging from offline payments to bond settlement to securities trading, among others. This information was shared via a 2 MarchAccording to RBA Assistant Governor Brad Jones, the participants of these pilot projects include a diverse range of industry representatives, ranging from smaller FinTechs to large financial institutions. The pilot and larger research study, to be conducted concurrently, will serve two purposes.
First, it will help industry gain hands-on experience; second, it will help policymakers understand how a CBDC might benefit the financial system and economy of Australia.The Australia and New Zealand Banking Group Limited , Mastercard, Monoova, the Australian Bond Exchange, DigiCash, Commonwealth Bank are among the pilot project partners initiated by the central bank.will deal with issues such as using a CBDC for offline transactions.
The digital dollar experiment of the Australian central bank is one of many such initiatives by central banks around the world. A CBDC represents not only the transition to a more digital economy, but also a safer alternative to private cryptocurrencies.Read the best crypto stories of the day in less than 5 minutes
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