Australia’s Central Bank announced that it is preparing a CBDC (central bank digital currency) Pilot Program for mid-2023.
Unlike other digital currencies, CBDC is a centralized and digital version of a nation’s fiat currency, controlled by a central bank. In this case, that’s the Reserve Bank of Australia (RBA) and eAUD – electronic Australian Dollar. For the program, RBA has partnered up with Australia’s Digital Finance Cooperative Research Center.
According to the whitepaper RBA released, the pilot program is not a guarantee of eAUD’s eventual full launch. RBA hopes that established fintech businesses and institutions will participate in investigating eAUD’s use cases, so that they get a clearer picture of whether the CBDC’s integration will lead to positive results. Either way, the rising adoption rate of digital currencies doesn’t seem to be slowing down.
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