The Reserve Bank of Australia is working with the Digital Finance Cooperative Research Centre (DFCRC) on a research project to explore use cases for an Australian central bank digital currency (CBDC). The project will also provide an opportunity to stakeholders to gain a better understanding of some of the technological, legal, and regulatory issues associated with a CBDC.
The DFCRC and the Bank released a White Paper titled ‘Australian CBDC Pilot for Digital Finance Innovation’ on Monday, which explains the project’s objectives and approach in greater detail, including the design of the pilot CBDC that will be used by industry participants to explore use cases for a CBDC. Interested industry participants are invited to make submissions on CBDC use cases that have the potential to deliver benefits to the functioning of the Australian economy and financial system. Participants can also express interest in operating their use case in a pilot project to test and demonstrate the value proposition.
The (DFCRC) is a 10-year, $180 million research program funded by industry partners, universities and the Australian Government, through the Cooperative Research Centres Program.