The Reserve Bank of Australia has expressed an interest in participating in the central bank digital currency (CBDC) race. It will work on a research project with the Digital Finance Cooperative Research Centre, according to the Reserve Bank of Australia.
According to an announcement on Tuesday, the Reserve Bank and DFCRC’s joint effort will concentrate on “cutting-edge applications and business models” that might be aided by the introduction of a CBDC. In addition, technological, legal, and regulatory aspects will be considered throughout the project’s duration.
The CBDC will operate in a ring-fenced setting for a year, with the pilot lasting approximately a year and taking the form of CBDC operation in a ring-fenced environment. Industry stakeholders will be asked to submit use cases that The Bank and DFCRC will evaluate. Cases accepted for the trial will participate, resulting in an industry report.
The DFCRC is a $180 million research project backed by industry partners, academics, and the Australian government that aims to bring together financial sector, academic, and regulatory specialists in order to consider the potential advantages of the next stage in financial market evolution. The Bank of Thailand has announced a two-year pilot for retail CBDC testing that is expected to begin in late 2022.
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