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Wednesday, February 8, 2023

RBA’s plan for a central bank digital currency continues as pilot project

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The pilot is expected to take about a year to complete, developing a small-scale CBDC in a shielded environment where the currency nevertheless has a real claim to the Reserve Bank.

“The project will also be an opportunity to further understand some of the technological, legal and regulatory considerations associated with a CBDC,” the RBA said.

That means, unlike popular cryptocurrencies like Bitcoin and Ether, the CBDC issued by the RBA has the same validity as cash.

“Interested industry participants will be invited to develop specific use cases demonstrating how a CBDC can be used to provide value-added innovative payment and settlement services to households and businesses,” the RBA said in a statement.

“The Bank and the DFCRC will select a range of different use cases to participate in the pilot, based on their potential to provide insight into the potential benefits of a CBDC.”

A report on the project’s findings will result, with the findings shaping ongoing research into the desirability and feasibility of a CBDC in Australia.

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