Australia’s monetary authority announces a research program for CBDC.
Besides clarifying certain legal, regulatory and technological aspects, the project will also aim to identify innovative use cases for a state-issued digital currency as well as business models that could be supported through a CBDC, the monetary authority unveiled in aAccording to a survey conducted by the Bank for International Settlements in 2021, the majority of central banks are researching the feasibility of CBDCs.
As part of the initiative, a limited-scale pilot will be developed in a closed environment with a pilot CBDC that is a real claim on the Reserve Bank, the RBA also revealed, quoted by Reuters. Interested industry participants will be invited to develop solutions demonstrating how a CBDC could be used to provide new payment and settlement services for both households and businesses, the authority added.
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