Australia Released an Official White Paper of its CBDC
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The Reserve Bank (Australia’s central bank) partnered with the Digital Finance Cooperative Research Center (DFCRC) to release a technical white paper on the upcoming CBDC.
The organization is expected to complete the pilot version of the financial product by mid-2023.
- Australia joined the list of countries competing to launch a digital form of national currency.
- According to a recent announcement, the Reserve Bank released a white paper titled “Australian CBDC Pilot for Digital Finance Innovation” that explores use cases for the upcoming product.
- To launch it, the institution collaborated with the Digital Finance Cooperative Research Center (DFCRC) on a research project that explored all technical, legal and regulatory aspects related to CBDC.
- In addition, the Reserve Bank gave industry players the opportunity to voice their opinion on how the digital dollar would interact with the national monetary network.
- Ordinary participants can also evaluate the product and test its value proposition.
- The trial is expected to end in early 2023, and the results will be announced by the middle of next year.
- In September 2021, the Reserve Bank joined forces with the central banks of Malaysia, Singapore and South Africa to conduct a trial of cross-border transactions using CBDCs.
- The Bank of International Settlement’s Innovation Hub also participated in the project by monitoring the operations of the aforementioned financial institutions.
- Deputy Governor Fraziali Ismail, governor of the Central Bank of Malaysia, argued that the joint multi-CBDC program “has the potential to bypass legacy payment arrangements and serve as the foundation for a more efficient international payment system.”
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