The Reserve Bank of Australia said that further research is required to address potential legal, regulatory, technical and operational issues related to CBDCs.
The Reserve Bank of Australia said today that further research is required to address legal, regulatory, technical and operational issues relating to CBDCs.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Australia's central bank said issuing a central bank digital currency is still “some years away” after it recently wrapped up a pilot study on the matter.
The pilot project, designed to engage with industry to explore use cases for a CBDC, involved the RBA issuing a limited-scale pilot CBDC in a ring-fenced environment to selected industry participants, according to the report. A total of 16 use cases submitted by industry participants were selected to take part in the pilot — which took place from March to July this year.
The study showed that a CBDC could potentially deliver benefits to Australian households and businesses. Many submissions highlighted the ability to directly control and program a tokenized CBDC as enabling a range of complex payment arrangements that are not supported by existing payment systems, the report said.
“For instance, the pilot CBDC was issued as a contractual liability of the RBA rather than under a legislative framework, as would likely be the case if a decision was ever made to issue a CBDC in the future,” the report said.
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