The Reserve Bank of Australia has published the white paper for the country’s own CBDC pilot project, eAUSD. The review was prepared in collaboration with the Research Center (DFCRC). Accordingly, eAUSD will serve in the country as the Reserve Bank of Australia’s own digital currency. Meanwhile, the latest report reveals interesting information. Accordingly, the CBDC project is led by a former executive of an altcoin company.
Reserve Bank of Australia issues review for CBDC project
The Reserve Bank of Australia (RBA) in collaboration with the Digital Finance Cooperative Research Center (DFCRC) has published the “Australian CBDC Digital Finance Innovation Pilot” white paper. According to the whitepaper, the RBA and DFCRC will conduct a pilot project to identify use cases. This project will help to understand the technological, legal and regulatory aspects of the CBDC named eAUD.
The central bank invites industry participants to submit useful use cases for the Australian economy and financial system by 31 October. Meanwhile, it is possible to request participants to run use cases for testing and demonstrate their value in the pilot project. According to the DFCRC, at least 12 use cases will be selected for further research on 31 December. Work on these use cases will begin on January 1, 2023.
Former director of this altcoin company is head of CBDC
Meanwhile, Dilip Rao, the former director of Ripple, serves as the program director of the CBDC project. In the past, Rao has contributed to the banking and financial market adoption of XRPL. The veteran claims that the XRPL-based real-time payment system has CBDC capabilities. The team aims to custom design the eAUD on the Ethereum network. But XRPL use cases have a higher chance.
Ripple (XRP) price rises by over 40%
cryptocoin.com As we have reported, Ripple is a company working on international currency trading in the crypto space. The native altcoin asset of this blockchain-based platform is XRP. The price of XRP dropped drastically when Ripple got involved in a lawsuit with the SEC in 2020. However, this decline did not lead to a decrease in the popularity and adoption of the platform. Now, the SEC-Ripple lawsuit is drawing to a close. Both parties applied to the judiciary for a summary decision.
For those who don’t know, the SEC considers Ripple’s XRP asset a security. It also suggests that the company is selling XRP in violation of securities law. The SEC’s request for summary judgment supported the views among investors that the SEC lacked sufficient evidence and abandoned its claims. After that, the daily trading volume of the altcoin asset exceeded $ 6 billion. Thus, the XRP price has soared over 40% within a week.
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