The Reserve Bank of Australia (RBA) plans to complete its central bank digital currency (CBDC) pilot by mid-2023, according to a report released Monday.
A press release stated that the purpose of the pilot was to “discover innovative use cases” that could be supported by the issuance of a CBDC.
In the technical report, a document produced by the bank that can then be used to inform future legislation, it was stated that the project also examines regulatory issues related to CBDC.
Australia, Reserve Bank Digital Currency (CBDC) Makes Date
The document does not include the RBA’s commitment to issue a CBDC, but the bank seeks feedback from industry participants that “contributes to ongoing research.” According to the document, the experiment is expected to end early next year and the results are expected to be published by mid-2023.
Australia’s CBDC research project began in July and the pilot was launched in August. The document is based on the current government of Australian opposition politician Andrew Bragg, led by Prime Minister Anthony Albanese. cryptocurrencies It was published after being criticized for its “inaction” when it comes to it.
Meanwhile, the Albanese government has announced that it will use “token mapping” as a framework for regulation.
The whitepaper provides additional details about the CBDC project, including that Australia’s pilot currency will be called the eAUD and all participants in the project will need to be invited and approved.
As it is known, currently, China seems to be leading the race in the central bank digital currency race.
*Not investment advice.
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