The Reserve Bank of Australia (RBA) is set to research central bank digital currencies (CBDC).
In Brief:
It will spend a year looking into potential use cases.
This will involve a pilot in a ring-fenced environment of a digital currency with a claim on the Reserve Bank.
Industry participants will be involved in developing use cases and demonstrating value add.
What does this mean?
This is all part of ongoing research into the potential benefits a CBDC could bring in Australia. RBA is currently working on introducing a CBDC in wholesale markets but whether a benefit can be seen in the retail space is yet to be decided.
