Australia releases its CBDC whitepaper & Pilot program


The Central Bank of Australia released a whitepaper of the National Central Bank Digital Currency (CBDCs) and details on future CBDC pilot programs. 

Australia is a crypto-adaptive region in the world, where there is room not only for blockchain technology but also for the crypto sector. The Reserve Bank of Australia, the nation’s Central Bank, is also interested in crypto & blockchain technology and they are now working to bring blockchain technology into financial inclusion, to modernize the traditional payment system.

On 26 September, The Reserve Bank of Australia released its Whitepaper on the National CBDC, or say Digital Australian Dollar (eAUD). 

Through the press release, Australian Central Bank said that they will also conduct the CBDC pilot program to explore the several use cases of CBDC and also to point out the ways to regulate CBDC use under precise regulatory policies.

So, the eAUD Whitepaper was published alongside its Pilot program details. And this CBDC pilot program will be conducted in mid-2023. 

“(Pilot program is) an opportunity to further understanding of some of the technological, legal, and regulatory considerations associated with a CBDC.”

Digital Finance Cooperative Research Centre (DFCRC), a research program which is backed by industry participants, universities, and the Australian government, is working with the Australian Central Bank on CBDC.

It is worth noting that the released whitepaper doesn’t have any particular date of CBDC launch and it is clearly showing that everything will happen on an experimental level. This CBDC pilot program will last for around 12 months and with this Central Bank & DFCRC are expecting to get feedback & help from industry insiders.

At present, the Australian Securities regulatory agency showed significant inclination toward the crypto space and suggested lawmakers bring better regulatory policies to the crypto space. 

Read also: Walmart launches 2 Metaverse experiences in gaming platform Roblox