The Reserve Bank (the central banking institution of Australia) collaborated with the Digital Finance Cooperative Research Centre (DFCRC) to unveil a technical White Paper on its future CBDC.
The organization is expected to complete the pilot version of the financial product by the middle of 2023.
Australia joined the list of countries, racing to issue a digital form of their national currency.
According to a recent announcement, the Reserve Bank issued a White Paper called “Australian CBDC Pilot for Digital Finance Innovation,” which explores the use-cases of the upcoming product.
To launch it, the institution teamed up with the Digital Finance Cooperative Research Centre (DFCRC) on a research project that examined all technological, legal, and regulatory considerations related to the CBDC.
Additionally, the Reserve Bank enabled industry participants to give their opinion on how the digital dollar would interact with the national monetary network.
Ordinary participants could also evaluate the product and test its value proposition.
The trial is expected to end at the beginning of 2023, while results should be announced by the middle of next year.
In September 2021, the Reserve Bank joined forces with the central banks of Malaysia, Singapore, and South Africa to conduct a cross-border transactions trial using CBDCs.
The Bank of International Settlement’s Innovation Hub also took part in the project by overseeing the actions of the aforementioned financial institutions.
Assistant Governor Fraziali Ismail – Executive at the Central Bank of Malaysia – argued that the multi-CBDC shared program “has the potential to leapfrog the legacy payment arrangements and serve as a foundation for a more efficient international settlement platform.”
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