In a statement, the central bank revealed that the chosen use cases had been selected from a large number of submissions made by industry participants. cbdc digitalcurrency
The Reserve Bank of Australia said on March 3 that it has selected 14 digital currency proposed use cases from a large number of submissions obtained from industry participants. An assistant governor at the RBA, Brad Jones, said the Aussie central bank is encouraged by the composition of providers that have been “invited to participate in the live pilot.
Brad Jones, an assistant governor at the RBA, is quoted in the statement lauding the industry participants’ willingness to engage regulators. Jones said: We are delighted with the enthusiastic engagement by industry in this important research project. It has also been encouraging that the use case providers that have been invited to participate in the pilot span a wide range of entities in the Australian financial system, from smaller fintechs to large financial institutions.
According to Jones, the pilot as well as the more comprehensive study will be conducted in parallel to “serve two ends.” The first of these ends is helping the industry gain some “hands-on learning” experience. Bolstering policymakers’ understanding of “how a CBDC could potentially benefit the Australian financial system and economy.
Meanwhile, some of the use cases chosen by the RBA include offline payments, corporate bond payments, and funds custody. As shown by the statement, the RBA has chosen around 14 use cases and more than eight chosen providers.
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