Former Ripple Manager Leads Australian CBDC Project

The Reserve Bank of Australia (RBA) in partnership with the DFCRC on Monday released a white paper for a CBDC (a central bank digital currency) project. Interestingly, the CBDC pilot is led by a former Ripple manager named Dilip Rao.

A new CBDC project

The Reserve Bank of Australia in partnership with the Digital Finance Cooperative Research Center (DFCRC) released the white paper titled ‘Australian CBDC Pilot for Digital Finance Innovation’ on September 26. released.

The RBA and DFCRC will conduct a pilot project to identify use cases. In addition, they want to gain insight into the technological, legal and regulatory aspects of the eAUD CBDC. The central bank is inviting industry participants to submit use cases that will benefit the Australian economy and financial system by October 31.

According to the DFCRC, at least 12 participants will be selected for further research by December 31. The participants must comply with all laws. In addition, the participants must be in possession of all necessary licenses and permits. The test phase will start on January 1. The final report will be presented on June 30 next year.

Interestingly, as we wrote, the investigation is being led by a former RippleLabs executive named Dilip Rao. Rao is the program director of the CBDC project. Rao contributed to the adoption of Ripple’s XRP ledger. He believes that the XRPL-based settlement system has potential in the CBDC industry. The team plans to design the eAUD on Ethereum.

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