As we previously observed, the Reserve Bank of Australia (RBA) was collaborating with the Digital Finance Cooperative Research Centre (DFCRC) on the Australian CBDC (eAUD) project. According to the plan, the next phase was to explore potential use cases for eAUD.

The RBA representative, Brad Jones, emphasized the wide range of industry participants in his inaguaral speech:

“We are delighted with the enthusiastic engagement by industry in this important research project. It has also been encouraging that the use case providers that have been invited to participate in the pilot span a wide range of entities in the Australian financial system, from smaller fintechs to large financial institutions. The pilot and broader research study that will be conducted in parallel will serve two ends — it will contribute to hands-on learning by industry, and it will add to policy makers’ understanding of how a CBDC could potentially benefit the Australian financial system and economy.”

The selected use cases will be developed and operated until the end of April this year, after which the results will be published. Follow our news as we observe the developments on this project.