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Australia Releases Its CBDC Whitepaper & Pilot Program

Norwegian Central Bank Introduces Its CBDC Prototype On Ethereum Network

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The Reserve Bank of Australia released details of the National Central Bank Digital Currency (CBDC) and information on upcoming CBDC pilot programs.

Australia is a crypto-adaptive region in the world, where there is room not only for blockchain technology but also for the crypto sector. The Reserve Bank of Australia, the Reserve Bank of Australia, is also interested in crypto and blockchain technology, and they are now working to bring blockchain technology to financial inclusion, to modernize the traditional payment system.

On September 26, the Reserve Bank of Australia published a white paper on a national CBDC, or say, the digital Australian dollar (eAUD).

Through a press release, the Reserve Bank of Australia said that they are also conducting a CBDC pilot program that will explore multiple use cases for CBDC and also demonstrate ways to regulate the use of CBDC according to a precise regulatory policy.

So the eAUD Whitepaper was published along with the details of the pilot program. And this CBDC pilot program will be implemented in mid-2023.

“(The pilot program is) an opportunity to better understand some of the technical, legal and regulatory aspects of CBDC.”

The Digital Finance Cooperative Research Center (DFCRC), a research program supported by industry participants, universities and the Australian government, is working with the Reserve Bank of Australia on CBDC.

It is worth noting that the published announcement does not have any specific release date for the CBDC and clearly indicates that everything is happening at an experimental level. This CBDC pilot program will run for approximately 12 months and the central bank and DFCRC look forward to receiving feedback and assistance from industry insiders.

At this time, the Australian Securities Regulatory Agency showed significant inclination towards the crypto space and suggested the legislators to introduce better regulatory practices in the crypto space.

Also read: Walmart launches 2 Metaverse experiences on gaming platform Roblox

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