Australian Central Bank starts CBDC project rolling

As previously announced, the Reserve Bank of Australia is collaborating with the Digital Finance Cooperative Research Centre (DFCRC) on a research project to explore potential use cases and economic benefits of a central bank digital currency (CBDC) in Australia.

Australia starts CBDC project rolling

The project involves selected industry participants demonstrating potential use cases for a CBDC using a limited-scale pilot CBDC that is a real digital claim on the Reserve Bank.

The project received a large number of use case submissions from a range of industry participants.

A range of criteria were considered in selecting the use cases to participate in the pilot, including the potential to provide insights into the possible benefits of a CBDC.

Now, the central bank is announcing the use case proposals, along with their providers, which have been invited to participate in the live pilot, which will take place over the coming months.

“The variety of use cases proposed covers a range of problems that could potentially be addressed by CBDC, including some that involve the use of CBDC for atomic settlement of transactions in tokenised assets,” says Dilip Rao, Program Director – CBDC with the DFCRC.

“The process of validating use cases with industry participants and regulators will inform further research into design considerations for a CBDC that could potentially play a role in a tokenised economy.”

A report on the project is expected to be published around the middle of the year.

Selected Use Cases and Providers

The following use cases and their providers have been invited to participate in the pilot. Brief profiles of the use cases can be found here.

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