Australia’s central bank said it was launching a one-year research programme into the case for a central bank digital currency (CBDC) in Australia; focusing on what potential economic benefits it might bring.
The Reserve Bank of Australia (RBA) is partnering with the Digital Finance Cooperative Research Centre (DFCRC); a government-backed industry group, in the program.
The project will seek to identify innovative use cases and business models that could be supported by the issuance of a CBDC; and better understand of some of its technological, legal and regulatory considerations.
It will involve the development of a limited-scale CBDC pilot that will operate in a ring-fenced environment; and involve a pilot CBDC that is a real claim on the RBA.
Interested industry participants will develop specific use cases that demonstrate how a CBDC; could provide innovative and value-added payment and settlement services to households and businesses.