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Australia Exploring CBDC Uses Cases, Reveals Central Bank

The Reserve Bank of Australia (RBA) has announced several projects that will develop use cases for the eAUD, the central bank digital currency (CBDC) of Australia, during its testing phase.

The projects will investigate use cases ranging from offline payments to bond settlement to securities trading, among others. This information was shared via a 2 March press release published by the Australian central bank.

According to RBA Assistant Governor Brad Jones, the participants of these pilot projects include a diverse range of industry representatives, ranging from smaller FinTechs to large financial institutions. The pilot and larger research study, to be conducted concurrently, will serve two purposes.

First, it will help industry gain hands-on experience; second, it will help policymakers understand how a CBDC might benefit the financial system and economy of Australia.

(By Suzuki Shillsalot)

Get the latest news here: Cointime channel — https://t.me/cointime_en

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