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.