Australia’s Apex bank, the Reserve Bank of Australia has announced that it has selected 14 digital currency proposed use cases for the pilot of its Central Bank Digital Currency (CBDC).
A statement issued in this regard reveals that a wide range of fintech firms operating in the Australian financial system was selected to participate.
Brad Jones, an assistant governor at the RBA, was quoted in the statement as saying “We are delighted with the enthusiastic engagement by industry in this important research project. It has also been encouraging that the use case providers that have been invited to participate in the pilot span a wide range of entities in the Australian financial system, from smaller fintechs to large financial institutions.
Jones added that the pilot as well as the more comprehensive study will be conducted in parallel to “serve two ends.” The first of these ends is helping the industry gain some “hands-on learning” experience. Bolstering policymakers’ understanding of “how a CBDC could potentially benefit the Australian financial system and economy.”
The pilot, scheduled to commence in the coming months will be done in partnership with the Digital Finance Cooperative Research Center (DFCRC).