The Reserve Bank of Australia weighs in the central bank digital currencies race to explore use cases for a CBDC in the country. It will collaborate with the Digital Finance Cooperative Research Centre on a respective research project.
As stated in an announcement , the joint project of the Reserve Bank and DFCRC will focus on innovative use cases and business models that could be supported by the issuance of a CBDC. The technological, legal and regulatory considerations will also be assessed in the project’s course.
The pilot will last about a year and take the form of the CBDC operating in a ring-fenced environment. Industry stakeholders will be invited to develop specific use cases, which The Bank and the DFCRC will then evaluate. The selected cases will participate in the pilot, resulting in a special report.
The DFCRC is a $180 million research program funded by industry partners, universities and the Australian Government, which aims to bring together stakeholders in the finance industry, academia and regulatory sectors to develop the opportunities arising from the next transformation of financial markets.
