CBDCs aren't about solving today's problems - Australia's leading CBDCs
Dilip Rao, a former Ripple executive who now leads the CBDC pilot project in Australia, looked at 14 possible use cases for central bank digital currencies.
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Central bank digital currencies (CBDCs) may not solve problems faced today, but could be the answer to those not even understood yet, says exec leading pilot project from CBDC in Australia.
Dilip Rao, a former Ripple executive who now leads Australia's CBDC research project, told Cointelegraph that a central bank-issued currency could be created for use cases not yet envisioned:
"It might not solve a problem today, but it might solve a problem the day after tomorrow."
Rao is director of the research program at the Center for Cooperative Research in Digital Finance, which is working with the Reserve Bank to explore use cases for a potential CBDC.
Rao, however, said that the question remains as to why individuals would want or need to use one.
A possible future use, Rao explained, could be large institutions trading tokenized assets in markets that would prefer to use a CBDC to mitigate risk.
Big shout out to the attendees of the #AustralianCBDCPilot conference last Friday - 100 in person and over 150 online!
15 use cases demonstrated, three panels offered deeper insights into #futureofmoney!
Thank you @RBAInfo, @DigiFinanceCRC, Trésor and all industry partners! pic.twitter.com/0wvNrMechi
— diliprao (@diliprao) May 29, 2023Australian CBDC pilot examines 14 possibilities...
Dilip Rao, a former Ripple executive who now leads the CBDC pilot project in Australia, looked at 14 possible use cases for central bank digital currencies.
Interview
Join us on social networks
Central bank digital currencies (CBDCs) may not solve problems faced today, but could be the answer to those not even understood yet, says exec leading pilot project from CBDC in Australia.
Dilip Rao, a former Ripple executive who now leads Australia's CBDC research project, told Cointelegraph that a central bank-issued currency could be created for use cases not yet envisioned:
"It might not solve a problem today, but it might solve a problem the day after tomorrow."
Rao is director of the research program at the Center for Cooperative Research in Digital Finance, which is working with the Reserve Bank to explore use cases for a potential CBDC.
Rao, however, said that the question remains as to why individuals would want or need to use one.
A possible future use, Rao explained, could be large institutions trading tokenized assets in markets that would prefer to use a CBDC to mitigate risk.
Big shout out to the attendees of the #AustralianCBDCPilot conference last Friday - 100 in person and over 150 online!
15 use cases demonstrated, three panels offered deeper insights into #futureofmoney!
Thank you @RBAInfo, @DigiFinanceCRC, Trésor and all industry partners! pic.twitter.com/0wvNrMechi
— diliprao (@diliprao) May 29, 2023Australian CBDC pilot examines 14 possibilities...
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