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- Australia’s central bank partnered with the DFCRC
- They aim to introduce a White Paper on its CBDC
- The organization is expected to complete the pilot version by 2023
A technical White Paper on Australia’s future CBDC was released by the Reserve Bank, the country’s central bank, and the Digital Finance Cooperative Research Centre (DFCRC).
By the middle of 2023, the organization should have finished developing the financial product’s pilot version. Australia joined the growing number of nations vying to issue a digital version of their currency.
The trial is expected to end at the beginning of 2023
The Reserve Bank recently announced the publication of a White Paper titled Australian CBDC Pilot for Digital Finance Innovation, which examines the potential application scenarios for the forthcoming product.
The institution collaborated with the Digital Finance Cooperative Research Centre (DFCRC) on a study that investigated all technological, legal, and regulatory aspects of the CBDC to launch it.
In addition, the Reserve Bank made it possible for stakeholders in the industry to voice their opinions regarding the manner in which the digital dollar would interact with the national monetary network.
The product and its value proposition could also be evaluated and tested by regular participants.
The trial is anticipated to conclude at the beginning of 2023, and the outcomes ought to be made public by the middle of the following year.
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Bank of International Settlement’s Innovation Hub also took part in the project
In order to test CBDCs for cross-border transactions, the Reserve Bank collaborated with Malaysia’s, Singapore’s, and South Africa’s central banks in September 2021.
The Innovation Hub of the Bank of International Settlement also participated in the project by directing the activities of the aforementioned financial institutions.
An executive at the Central Bank of Malaysia, Assistant Governor Fraziali Ismail, stated that the multi-CBDC shared program has the potential to leapfrog the legacy payment arrangements and serve as a foundation for a more efficient international settlement platform.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
