The Reserve Bank of Australia will trial its own digital currency as part of a research project to evaluate the future of Central Bank Digital Currencies (CBDC) in Australia.
The RBA will launch a pilot central bank digital currency as part of a research projectThe research project is expected to last for a year and assess the possible uses for a CBDC and challenges that need to be addressed
The research project the RBA is undertaking in collaboration with the Digital Finance Cooperative Research Centre will focus on the uses for, and potential economic benefits of, a CBDC. "Interested industry participants will be invited to develop specific use cases that demonstrate how a CBDC could be used to provide innovative and value-added payment and settlement services to households and businesses."
"We are looking forward to engaging with a wide range of industry participants to better understand the potential benefits a CBDC could bring to Australia," she said in a statement.
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