Australia’s central bank has unveiled plans to examine the potential economic benefits of introducing a central bank digital currency (CBDC).
The Reserve Bank of Australia (RBA) said in a statement on Tuesday that it would carry out a year-long pilot project to explore innovative use cases and business models for a CBDC.
It will also gain a better understanding of technological, legal and regulatory considerations.
The RBA will partner with the Digital Finance Cooperative Research Centre (DFCRC) for the project.
It added this will invite industry players to develop specific use cases that demonstrate how a CBDC could provide innovative payment and settlement services to households and businesses.
The RBA said; “This project is an important next step in our research on CBDC.
“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.”
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