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RBA is exploring CBDC use cases in Australia via a research pilot
The pilot is expected to last a year and will invite industry participants to develop specific use cases Australia will join a growing list of other countries exploring CBDCs in the pilot phase after the project is completed The Reserve Bank of Australia (RBA) announced on Monday that it has partnered with the Digital Finance Cooperative Research Center (DFCRC) to begin exploring use cases for a digital dollar issued by a private central bank. Both parties will begin a year-long research project that includes developing a “limited scale” CBDC that will operate in a dedicated sandbox, according to a statement. While already...
RBA is exploring CBDC use cases in Australia via a research pilot
- Das Pilotprojekt wird voraussichtlich ein Jahr dauern und wird Industrieteilnehmer einladen, spezifische Anwendungsfälle zu entwickeln
- Australien wird sich einer wachsenden Liste anderer Länder anschließen, die CBDCs in der Pilotphase nach Abschluss des Projekts untersuchen
The Reserve Bank of Australia (RBA) announced on Monday that it has partnered with the Digital Finance Cooperative Research Center (DFCRC) to begin studying use cases for a digital dollar issued by a private central bank.
Both parties will begin a year-long research project that includes the development of a “limited scale” CBDC that will operate in a dedicated sandbox, according to a Statement.
While extensive research has already been carried out into the viability of digital ledger technology in the country, the RBA and DFCRC said their project would further address knowledge gaps by exploring the potential economic benefits of the technology.
Australia's digital dollar project, when completed, will join a growing list of other countries exploring the technology in the pilot phase, including France, China, Canada, South Africa and Ghana.
DFCRC is a $180 million, 10-year research program funded by the Australian Government, industry partners and universities across the country Cooperative Research Centers Program.
The project, which will explore both business models and use cases, will also be an opportunity to better understand some of the technological, legal and regulatory considerations surrounding an Australian digital dollar, the pair said.
A specific start date for the project was not given. A spokesman for the bank and DFCRC did not immediately respond to requests for comment.
These interested industry participants will be invited to develop specific use cases that demonstrate how a CBDC could add value to payment and settlement services for both households and businesses, the statement said.
As part of the process, the central bank and the DFCRC will select from a range of these use cases to participate in the pilot, the two said.
The project's findings on the feasibility and evaluation of various developed use cases will be summarized in a report that will be published after the end of the year.
A separate report is expected to be released in the "next few months" that will describe the project's goals and approach in more detail and provide further information on how industry participants can get involved, the pair said.
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The article RBA to Explore CBDC Use Cases in Australia via Research Pilot is not financial advice.