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The Reserve Bank of Australia (RBA) is establishing a use case for a central bank digital currency (CBDC) to determine the economic benefits to be gained through the new currency. research project over the next few months.
The project will be conducted in collaboration with the Digital Finance Collaborative Research Center (DFCRC) and will involve several Australian-based banks. It also includes the use of his Ethereum-based CBDC called eAUD, developed by Australia.
RBA Assistant Director Brad Jones said:
The parallel pilot and broader research study will serve two purposes: contribute to practical learning by the industry and how CBDC could benefit the Australian financial system. or to deepen policymakers’ understanding of the economy.”
The regulator said it received a total of 140 use case submissions and made its final selection based on a variety of factors, including “the potential to provide insight into the possible benefits of CBDCs.”
The project will be analyzed 14 use cases for CBDCs. The bank acts as a “use case provider” for various use cases.
This project includes a pilot investigating CBDC distribution. Offline payments with CBDC. cross-border settlements and custody; GST automation; tokenized invoices and; livestock auctions; construction supply his chain payments;
According to the DFCRC, consumers are increasingly participating in web3commerce across multiple public blockchains, forcing them to use private cryptocurrencies that carry a myriad of risks compared to central bank-backed currencies. I’m here.
One of the project’s pilots is “Reliable and trustworthy form of money on the blockchain. On multiple blockchains he will explain how to tokenize CBDC and ensure that only authorized parties can hold and redeem it. An Authorized Party is an entity that has been properly KYCed and risk-assessed by an Authorized CBDC Service Provider.
Mastercard will act as a “use case provider” for the interoperability pilot.
