The Reserve Bank of Australia expects to complete its central bank digital currency (CBDC) experiment by the middle of 2023, as stated in a white paper published on Monday.
The purpose of the pilot study, as stated in the news release, is to investigate novel application scenarios that may be enabled by the distribution of a CBDC. The research was reported to be investigating the regulatory risks associated with a central bank digital currency in the white paper, which is a document released by the bank that may potentially be used to define future policies.
There was no indication in the text that the RBA intended to publish a CBDC; nevertheless, the bank is soliciting feedback from industry participants in order to enrich its ongoing research.
The report claims that the experiment will wrap up at the start of the next year, and that the results will be made public in the middle of 2023.
In July, Australia launched its central bank digital currency research initiative, and in August, the state launched its first CBDC pilot program. Australian opposition leader Andrew Bragg made the comment, criticizing the government led by Prime Minister Anthony Albanese for its “inaction” in the crypto space. This led to the publishing of the report.
Additional information on the central bank’s digital currency project is included in the white paper, such as the fact that the eAUD would be the name of Australia’s experimental currency and that all participants would need to be invited and authorized. The white paper also details the approval process that will be necessary for participation.
[…] More than 90 nations (representing over 90% of global GDP) explored joining a CBDC, as reported by the Atlantic Council. In May 2020, just 35 states were actively investigating the possibility of a CBDC. […]