The Reserve Bank of Australia has announced plans to investigate the potential economic benefits of introducing a central bank digital currency (CBDC).
The Reserve Bank of Australia (RBA) announced a year-long pilot project on Tuesday to investigate “innovative use cases and business models” for a CBDC and gain a better understanding of technological, legal, and regulatory considerations. For the project, the RBA will collaborate with the Digital Finance Cooperative Research Centre (DFCRC), a government-backed industry group, to develop “specific use cases” that demonstrate how a CBDC could provide innovative payment and settlement services to householdsand business .
