Reserve Bank of Australia to Explore Use Cases for CBDC
The pilot will run for one year and details of potential participants will be released in the coming months.
The Reserve Bank of Australia is participating in the Central Bank Digital Currency (CBDC) Race to explore use cases for a CBDC in the country. It will collaborate with the Digital Finance Cooperative Research Center (DFCRC) on a respective research project.
As noted in an August 9 announcement, the joint Reserve Bank and DFCRC project will focus on “innovative use cases and business models” that could be supported by issuing a CBDC . Technological, legal and regulatory considerations will also be assessed during the project.
The pilot project will last approximately one year and will take the form of a CBDC operating in an isolated environment. Industry stakeholders will be invited to develop specific use cases, which the Bank and DFCRC will then evaluate. Selected cases will participate in the pilot project, resulting in a special report.
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The Reserve Bank intends to publish the document with more details on the project in the coming months. As Reserve Bank Deputy Governor Michele Bullock put it:
“This project is an important next step in our research into CBDCs. We look forward to engaging with a wide range of industry participants to better understand the potential benefits a CBDC could bring to Australia. . »
The DFCRC is a $180 million research program funded by industry partners, universities and the Australian Government, which aims to bring together players from the financial, academic and regulatory sectors to develop the opportunities arising from the upcoming transformation of financial markets.
On August 5, the Bank of Thailand announced the two-year pilot project
The pilot will run for one year and details of potential participants will be released in the coming months.
The Reserve Bank of Australia is participating in the Central Bank Digital Currency (CBDC) Race to explore use cases for a CBDC in the country. It will collaborate with the Digital Finance Cooperative Research Center (DFCRC) on a respective research project.
As noted in an August 9 announcement, the joint Reserve Bank and DFCRC project will focus on “innovative use cases and business models” that could be supported by issuing a CBDC . Technological, legal and regulatory considerations will also be assessed during the project.
The pilot project will last approximately one year and will take the form of a CBDC operating in an isolated environment. Industry stakeholders will be invited to develop specific use cases, which the Bank and DFCRC will then evaluate. Selected cases will participate in the pilot project, resulting in a special report.
Related: Huobi Gets Green Light as Exchange Provider in Australia
The Reserve Bank intends to publish the document with more details on the project in the coming months. As Reserve Bank Deputy Governor Michele Bullock put it:
“This project is an important next step in our research into CBDCs. We look forward to engaging with a wide range of industry participants to better understand the potential benefits a CBDC could bring to Australia. . »
The DFCRC is a $180 million research program funded by industry partners, universities and the Australian Government, which aims to bring together players from the financial, academic and regulatory sectors to develop the opportunities arising from the upcoming transformation of financial markets.
On August 5, the Bank of Thailand announced the two-year pilot project
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