Reserve Bank of Australia, the central bank digital currency ( CBDC) for will start the pilot program.
Digital assets, which have become widespread globally with blockchain technology, have also managed to attract the attention of countries. The crypto crashes experienced last year have been replaced by the development processes this year. Many countries have started to take steps on digital assets. Finally, the Reserve Bank of Australia will launch a pilot of the CBDC in the coming months.
Reserve Bank of Australia Makes Moves for CBDC
The central bank digital currency (CBDC), which has become widespread globally, has begun to enter the radar of countries from every continent.
Blockchain and digital asset mobility, especially in the Asian region, has brought with it the biggest initiatives of recent times. The news of the Asian frenzy came after the steps taken on digital assets.
On the other hand, the Reserve Bank of Australia started to accelerate its steps on CBDC. A CBDC will be launched in the coming months, according to a joint statement from the Reserve Bank of Australia and the Digital Finance Cooperative Research Center (DFCRC). This CBDC in Australia will be run by live pilot.
Stating that it is collaborating with the DFCRC on a research project, the Reserve Bank of Australia will begin to explore the potential status and economic structures of CBDCs.
The Reserve Bank of Australia stated that in the first phase of the research project, they will focus on potential use cases of CBDC. The bank stated that several financial sector participants will be selected to monitor these situations.
Participants in this project include use cases ranging from the Bank of Australia and New Zealand, to payment providers such as Commonwealth Bank and Mastercard. In these use cases, a CBDC is identified for offline payments, tax automation, and reliable Web3 commerce.
