Australia’s CBDC Gets Official White Paper:
- CBDC : CENTRAL BANK DIGITAL CURRENCY.
The Reserve Bank- central banking institution of Australia- partnered with the Digital Finance Cooperative Research Centre (DFCRC) to launch a technical White Paper on its coming CBDC.
The institution is expected to complete the pilot version of the financial product by the middle of 2023.
Australia joined the list of countries, racing to issue a digital form of their national currency.
According to a recent announcement, the Reserve Bank issued a White Paper called “Australian CBDC Pilot for Digital Finance Innovation,” which reveals the use-cases of the upcoming digital currency.
To launch and flaunt it, the institution partnered with the Digital Finance Cooperative Research Centre (DFCRC) on a research project that examined all technological, legal, and regulatory considerations related to the CBDC.
Most interestingly, the Reserve Bank privileged industry experts to give their opinion on how the digital dollar would interact with the national monetary network.
Ordinary participants could also evaluate the product and test its proposed value.
Meanwhile, the trial is expected to end at the beginning of 2023, as results will be anticipated in the middle of the year.