Rezerva Bank of Australia va explora utilizările CBDC

The Reserve Bank of Australia will explore uses for CBDCA in the nation, and has announced that the pilot study will run for a year, with all information on participants to be made public in the coming months.

The Reserve Bank of Australia participates in the race for central bank digital currencies (CBDCs) by investigating potential uses for one in the nation. On a specific research project, the Reserve Bank will work with the Digital Finance Cooperative Research Centre (DFCRC).

New Use Cases of CBDC – To Be Explored

The collaborative project of the Reserve Bank and DFCRC will concentrate on “new use cases and business models” that could be supported by the issuing of a CBDC, according to a statement made on August 9. The project’s progress will also include evaluations of the technological, legal, and regulatory aspects.

The CBDC will operate in a ring-fenced environment for the duration of the experiment, which will last around a year. The Bank and the DFCRC will assess the specific use cases that industry stakeholders establish after being invited to do so. Participation in the pilot by the chosen instances will result in a customized report.

In the next months, the Reserve Bank plans to publish the document with more information on the proposal. According to Michele Bullock, the Reserve Bank’s deputy governor:

„Acest proiect este un următor pas important în cercetarea noastră asupra CBDC. Așteptăm cu nerăbdare să ne angajăm cu o gamă largă de participanți din industrie pentru a înțelege mai bine beneficiile potențiale pe care le-ar putea aduce un CBDC în Australia.”

Aim Of The Project

The DFCRC, a $180 million research initiative supported by business partners, academic institutions, and the Australian government, aims to bring together key players in the financial industry, the academic community, and the regulatory community to develop the opportunities that will result from the next financial markets transformation.

Similar Projects

The Bank of Thailand said on August 5 that a two-year retail CBDC testing pilot would begin by the end of 2022.

The Bank of Thailand’s pilot project has been separated into two tracks, namely a “foundation track” where CBDC is to be tested in cash-like activities like paying for goods and services; and a second phase called “innovation track” whose main focus will be presenting the innovative use cases of CBDC.

The outcome of both projects (Australia’s and Thailand’s) will be very interesting indeed.

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