The Reserve Bank of Australia plans to investigate new use cases for a CBDC in the country. It will work together with the Digital Finance Cooperative Research Center (DFCRC) on a respective research project.
Innovative use cases and business models
This was announced by the central bank in a online announcement. The joint project will focus on innovative use cases and business models that can be supported by the issuance of a CBDC. The project also looks at all the technological, legal and regulatory considerations involved.
A pilot is expected to be rolled out and will last approximately one year. A small version of a CBDC will be developed here that operates in a shielded environment.
Several stakeholders will be invited to participate in the pilot and to develop specific use cases.
More details in the coming months
A more detailed report will be published by the country’s central bank in the coming months. More details about the project are discussed here. Deputy Governor of the Reserve Bank, Michele Bullock, concluded:
This project is an important next step in our research into CBDC. We look forward to working with a wide range of industry participants to better understand the potential benefits that a CBDC can bring to Australia.
