Australia’s Central Bank (RBA) launches digital currency research project

Australia’s Central Bank (RBA) launches digital currency research project


Australia’s central bank launches digital currency project

Australia’s central bank said on Tuesday it is launching a one-year research program into Australia’s central bank digital currency (CBDC), focusing on the potential economic benefits it could offer. .

The Reserve Bank of Australia (RBA) is partnering with the Digital Finance Cooperative Research Center (DFCRC), a government-backed industry group, in the programme.

The project will seek to identify innovative use cases and business models that could be supported by issuing a CBDC, and better understand some of its technical, legal and regulatory considerations.

This will involve the development of a limited-scale CBDC pilot that will operate in a ring-fenced environment and a pilot CBDC that is a de facto claim on the RBA.

Interested industry participants will be invited to develop specific use cases that demonstrate how CBDCs can be used to provide innovative and value-added payment and settlement services to households and businesses.

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Indian Lekhak

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