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The Reserve Bank of Australia Researches CBDC Use Cases

The Reserve Bank of Australia Researches CBDC Use Cases

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The Reserve Bank of Australia is launching a research project to analyze central bank digital currency (CBDC) application methods.

The Reserve Bank of Australia, also known as the Reserve Bank of Australia and the Banknote Issuing Authority, is working with the Digital Finance Cooperative Research Center (DFCRC). is launching a pilot project exploring the benefits of a central bank digital currency (CBDC)..

By Press release Shared on the official website of the Reserve Bank of Australia, the bank aims to complete the investigation within a year and obtain all the necessary information “Innovative use cases and business models” for CBDC application..

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The central bank plans to issue a CBDC that will operate in a fenced environment for a specified period of time. A fenced environment refers to an activity where one part of the user’s “financial assets is separated from the rest, potentially securing one from the other if a breach occurs”.

Industry stakeholders can make suggestions how to introduce CBDC and how it can “offers innovative and value-added payment and settlement services” benefiting Australian households and businesses.

Later, the bank and DFCRC plan to select a handful of use cases that will be to apply for the study.

Reserve Bank Deputy Governor Michele Bullock is optimistic about this research:

This project is an important next step in our CBDC research. We look forward to engaging with a wide range of industry players to better understand the potential benefits CBDC could bring to Australia.

The bank states that more information on goals, project approaches and “how industry participants can engage” will be distributed in the coming months.

Australia is not the only country looking for ways to incorporate CBDC into the everyday lives of county residents. Recently, the Central Bank of Thailand also announced plans to launch a retail CBDC trial. On the other hand, China and the Bahamas have already started distributing their digital cryptocurrency to the public.

Gile K. - cryptanalyst

by Gile K. – Crypto Analyst, BitDegree

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