The central bank is looking at cases from offline payments to bond settlement, among others
The Reserve Bank of Australia has revealed a set of projects that will develop use cases for the eAUD, a digital dollar, during its testing phase.
The projects will look at use cases ranging from offline payments to bond settlement to securities trading, among others.
“The pilot and broader research study that will be conducted in parallel will serve two ends – it will contribute to hands-on learning by industry, and it will add to policy makers’ understanding of how a CBDC could potentially benefit the Australian financial system and economy,” RBA Assistant Governor Brad Jones said in a statement.
Australia’s central bank is looking to complete its central bank digital currency pilot by mid-2023.
Partners for the project include the ANZ Bank, Mastercard, Monoova, the Australian Bond Exchange, DigiCash, Commonwealth Bank and others.
The RBA’s digital dollar experiment is one of many such initiatives by central banks around the world.
A CBDC not only represents the transition to a more digital economy, but also a safer alternative to private cryptocurrencies that may even leverage their underlying technologies.
