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Australia kicks off test phase for CBDC

Australia kicks off test phase for a central bank digital currency (CBDC).

By Mike Hesp
• 1 min read
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Australia kicks off test phase for CBDC

Australia has begun a test phase for a central bank digital currency (CBDC). Results are expected by mid-year.

Australia is one step closer to rolling out a digital central bank currency. The Reserve Bank of Australia (RBA) has now announced a research project to explore use cases for a central bank digital currency (CBDC) to explore.

The pilot phase will demonstrate several possible uses of a digital Australian dollar. For this, a large number of use cases have been submitted by various participants in the industry, the RBA said.

"We are excited by the industry’s strong engagement in this important research project," said Brad Jones, Assistant Governor of the RBA. He said it was encouraging that the providers of use cases have been invited to participate in the pilot. These are firms in Australia’s financial system, from smaller fintechs to large financial institutions." The first results are expected to be published by mid-year.

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