The Reserve Bank of Australia has announced it will launch a research project to investigate the use cases for a central bank digital currency (CBDC).
The central bank said that while there has been plenty of research into the feasibility and technical design of CBDC, in particular exploring the potential use of new technologies like distributed ledger technology, less attention has been paid its use cases and economic benefits.
The bank is working alongside the Digital Finance Cooperative Research Centre (DFCRC) to develop a limited-scale CBDC pilot that will operate in a ring-fenced environment.
The year-long project intends to involve a pilot CBDC that is a real claim on the Reserve Bank.
“This project is an important next step in our research on CBDC,” said Michele Bullock, deputy governor of the Reserve Bank. “We are looking forward to engaging with a wide range of industry participants to better understand the potential benefits a CBDC could bring to Australia.”
The Reserve Bank will invite interested industry participants to develop specific use cases that show how the currency could be used to provide "innovative and value-added payment and settlement services" to households and businesses.
Latest News
-
Gemini to cut quarter of workforce and exit UK, EU and Australia as crypto slump forces retrenchment
-
Bank ABC’s mobile-only ila bank migrates to core banking platform
-
Visa launches platform to accelerate small business growth in US
-
NatWest to expand Accelerator programme to 50,000 members in 2026
-
BBVA joins European stablecoin coalition
-
eToro partners with Amundi to launch equity portfolio with exposure to ‘megatrends’
Creating value together: Strategic partnerships in the age of GCCs
As Global Capability Centres reshape the financial services landscape, one question stands out: how do leading banks balance in-house innovation with strategic partnerships to drive real transformation?
Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories