Australia has successfully executed its first foreign exchange transaction using a central bank digital currency (CBDC), as blockchain start-up Canvas announced the successful use of the Australian CBDC to execute the transaction. The transaction was executed as part of a series of pilots by the Reserve Bank of Australia (RBA) and Digital Finance Cooperative Research Centre (DFCRC) to launch a CBDC – the eAUD. The trade was executed on Canvas’ Connect platform, which is built on the Ethereum network. The fintech company claims the platform will provide users with confidentiality, scalability, instantaneous completion time, and cheaper transaction costs.