Novatti, a payments technology provider, and AUDD, a fintech company, have taken part in a central bank digital currency (CBDC) pilot project in Australia. The project is being led by the Reserve Bank of Australia (RBA) and aims to explore the potential use cases and benefits of a CBDC.

Novatti and AUDD are part of a consortium of companies that is working with the RBA to develop and test a CBDC prototype. The prototype will be used to simulate various use cases, including cross-border payments, micropayments, and peer-to-peer transactions.

The RBA has been exploring the possibility of issuing a CBDC for several years, with a focus on improving financial inclusion and reducing the reliance on cash. The pilot project is part of the RBA's broader efforts to better understand the potential benefits and risks of a CBDC.

(by Trevor Holman)