RBA: Australia’s CBDC pilot to be completed in 2023
The RBA will mint and issue eAUD in a pilot project in 2023
Reserve Bank of Australia
The RBA is Australia’s central bank. Its duty is to contribute to the stability of the currency, full employment and the prosperity and welfare of the Australian people. It does this by conducting monetary policy to meet an agreed inflation target, works to maintain a stable financial system, acts as banker to the Australian Government, regulates the payments system and issues the nation’s currency.
Over the past few years, the RBA has been exploring whether there is a role for a CBDC in Australia in the context of the RBA’s responsibilities for issuing the currency and overseeing the development of the payments system. The RBA is an industry partner of the Digital Finance Cooperative Research Centre (DFCRC), and is using its involvement to support its research on Central Bank Distributed Currency (CBDC).
Reserve Bank Announcement
In a very interesting piece of news, the Reserve Bank of Australia (RBA) is on track to finalise its central bank digital currency (CBDC) pilot sometime during 2023.
According to a white paper published by the RBA on 26 September, the project was initiated in July. It is designated to explore “innovative use cases” that may be supported by issuing a CBDC, and also investigate any regulatory issues that may arise around the launch of a CBDC.
For context, a CBDC is a digital version of a national currency—a fiat currency—and in this instance the Australian dollar. The RBA said Australia’s CBDC would be called eAUD. Unlike decentralised digital currencies, CBDCs are controlled by a central bank, with a host of countries across the globe entertaining the release or creation of CBDCs.
While the RBA is not necessarily committed to issuing the currency, the whitepaper indicates they are in the process of seeking industry feedback and conducting further research. The pilot is expected to be finalised sometime in early 2023.
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