Reserve Bank of Australia (RBA) Launches CBDC Discovery Pilot

Reserve Bank of Australia (RBA) Launches CBDC Discovery Pilot

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2022-08-09 13:59:39

The Reserve Bank of Australia (RBA) begins to explore the use case and economic benefits of a central bank digital currency (CBDC).

Reserve Bank of Australia (RBA) Launches CBDC Discovery Pilot

Yesterday, the Reserve Bank of Australia (RBA) said it was partnering with the Digital Financial Cooperation Research Center (DFCRC) to begin exploring the use cases of the digital currency. CBDCthe digital format of a fiat currency (fiat) issued by a country’s central bank.

Both sides will embark on research for a year, according to declare. Dr. Andreas Furche, Executive Director of DFCRC, said:

“CBDC is no longer a matter of technology feasibility. The main research questions now are what economic benefits CBDCs can offer and how to design them to maximize those benefits.”

In 2020, the RBA announced its intention to release a CBDC based on Proof-of-Concept (PoC) for the retail market, but is gradually shifting its use to households and businesses. PoC is simply a process of testing to determine if the blockchain idea is feasible and practical in real life.

There are currently more than 100 countries exploring CBDCs at various levels. If the study is successful, Australia will officially return to the same “front line” with other countries pursuing similar plans. Nigeria (launched and adopted), Central Bank of France (successful trial for credit markets), Georgia (pilot in 2022), Bank of Mexico (released in 2024), Central Bank Central Bank of Malaysia (actively exploring CBDC), Commercial Bank of Ukraine (stellar blockchain-based experiment).

China has been testing e-CNY throughout 2021 in many major cities and recently scaled up this pilot to 15/31 provinces and autonomous regions of the country. As of November last year, more than 140 million people have registered to use it, and 1.55 million stores across China have included e-CNY as a payment option. The closest turning point that e-CNY has achieved is to have “knock off” Visa at the Beijing 2022 Olympics.

But the Fed Vice Chairman stated that the US will take another 5 years for the CBDC “dream” to become a reality and Japan is also going against the trend, saying no to the issuance of CBDCs.

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