Top cryptocurrency news: Reserve Bank of Australia to explore use cases for CBDC
The Reserve Bank of Australia has joined the race to develop use cases for central bank digital currencies (CBDCs) in the country.
It will work on a research project with the Digital Finance Cooperative Research Centre (DFCRC).
According to an announcement made on August 9, the Reserve Bank and DFCRC's collaborative effort would focus on novel use cases and business models that might be enabled by the issuing of a CBDC. The project's course will also analyze technological, legal, and regulatory aspects.
The CBDC will operate in a ring-fenced area for the duration of the experiment, which will last around a year. Industry stakeholders will be requested to propose particular use cases, which will then be evaluated by The Bank and the DFCRC. The selected instances will take part in the pilot, which will result in a special report.
The Reserve Bank aims to publish the document with further project specifics in the coming months. According to Michele Bullock, deputy governor of the Reserve Bank, “this project is a crucial next step in our CBDC research. We are excited to meet with a diverse group of industry participants to better appreciate the potential benefits that a CBDC may bring to Australia.”
The DFCRC is a $180 million research program supported by industry partners, universities, and the Australian Government that aims to bring together stakeholders from the finance industry, academia, and regulatory sectors to develop opportunities arising from the next financial market transformation.
On August 5 , the Bank of Thailand announced a two-year retail CBDC pilot program that will begin by the end of 2022.
