The Reserve Bank of Australia (RBA) on Monday published a whitepaper on its central bank digital currency (CBDC), or “eAUD,” pilot project that will start in January 2023 and has invited industry participants to submit use cases with economic and social benefits.
See related article: World Economic Forum argues for CBDCs, Australia latest to test use-case technology
- The joint research project by Australia’s central bank and the Digital Finance Cooperative Research Centre (DFCRC) aims to select 10-12 CBDC use case providers that will operate directly within the eAUD pilot on the Consensys-owned private Ethereum network, Quorum.
- The selected use cases will be announced on December 31 prior to the CBDC pilot that is scheduled to run from January to April 2023.
- CBDCs are central bank-issued currencies or digitized versions of fiat currencies.
- The RBA participated in a wholesale CBDC pilot, Project Dunbar, to explore the use of multiple domestic CBDCs for efficient cross-border payments.
- Ripple’s former Global Head of Infrastructure Innovation Dilip Rao will serve as Program Director for the pilot.
See related article: Australia Senator says China’s CBDC may threaten national security