The Reserve Bank is collaborating with the Digital Finance Cooperative Research Centre (DFCRC) on a research project to explore use cases for a central bank digital currency (CBDC) in Australia. As noted in a media release on 9 August, the project will also be an opportunity to further understanding of some of the technological, legal and regulatory considerations associated with a CBDC.

The DFCRC and the Bank have today released a White Paper ‘Australian CBDC Pilot for Digital Finance Innovation’, that explains the objectives and approach of the project in more detail, including the design of the pilot CBDC that will be utilised by industry participants to explore use cases for a CBDC.

Interested industry participants are invited to make submissions on CBDC use cases that have the potential to deliver benefits to the functioning of the Australian economy and financial system. Participants can also express interest in operating their use case in a pilot project to test and demonstrate the value proposition.

About the Digital Finance Cooperative Research Centre (DFCRC)

The (DFCRC) is a 10-year, $180 million research program funded by industry partners, universities and the Australian Government, through the Cooperative Research Centres Program.

 

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The DFCRC’s mission is to bring together stakeholders in the finance industry, academia and regulatory sectors to develop and harness the opportunities arising from the next transformation of financial markets – the digitisation of assets that can be traded and exchanged directly and in real-time on digital platforms.

The Reserve Bank is an industry partner of the DFCRC, and is using its involvement in the DFCRC to support work on its strategic focus area on supporting the evolution of payments, including through research on CBDC.

Originally published by the RBA and DFCRC