Australia’s central bank is set to launch a live pilot of a central bank digital currency in the coming months.
The RBA said on March 2 that it was collaborating with the DFCRC on a research project to explore potential use cases and economic benefits of a central bank digital currency (CBDC) in Australia.
The RBA said the initial stage of the research project involves the selection of several financial industry participants to demonstrate potential use cases of the CBDC.
The pilot project will commence on Mar. 31 and finish on May. 31, with a final report on the findings, including an assessment of the various use cases developed, set to be published on Jun. 30.
Use cases being piloted include offline payments, tax automation and a CBDC for trusted Web3 commerce, with participants of the trial ranging from banks — such as Commonwealth Bank and Australia and New Zealand (ANZ) bank — to payment providers such as Mastercard.
Brad Jones, assistant governor for financial systems at the RBA, said, The pilot and broader research study that will be conducted in parallel will serve two ends – it will contribute to hands-on learning by industry, and it will add to policymakers’ understanding of how a CBDC could potentially benefit the Australian financial system and economy.
