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The Reserve Bank of Australia is moving full steam ahead with the development of its central bank digital currency project. It recently announced that it has entered into a partnership with the Digital Finance Cooperative Research Centre (DFCRC) to explore the use cases for CBDC in the country.
In an announcement on Tuesday, the Reserve Bank said that while considerable research has already been done on the feasibility and possible technical design of CBDC, it still needs to explore its potential use cases as well as the economic benefits of introducing one.
“The project with the DFCRC will help address this gap by focusing on innovative use cases and business models that could be supported by the issuance of a CBDC,” the Reserve Bank said. “The project will also be an opportunity to further understanding of some of the technological, legal and regulatory considerations associated with a CBDC.”
The project is expected to last for a year. It will also involve the development of a limited-scale CBDC pilot that is “intended to involve a pilot CBDC that is a real claim on the Reserve Bank.”
The Bank will be inviting industry participants to develop specific use cases for CBDC that will highlight how it can be harnessed to “provide innovative and value-added payment and settlement services to households and businesses.”
The Reserve Bank and the DFCRC will then select from these use cases for inclusion in the CBCD pilot. After the project’s completion, the team will release an assessment report on the various use cases developed.
“This project is an important next step in our research on CBDC,” Reserve Bank of Australia Deputy Governor Michele Bullock said. “We are looking forward to engaging with a wide range of industry participants to better understand the potential benefits a CBDC could bring to Australia.”
The Australian Treasury will participate in the project as a member of its steering committee. It has been working jointly with the Reserve Bank on exploring the viability of a CBDC in the country.
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