The Australian Central Bank has started pilot programmes for the digital Australian dollar.
According to Reuters, the Australian central bank is undertaking 14 pilot projects with the financial sector to create practical uses for a digital Australian dollar. Instead of a brand-new public medium of exchange, corporate applications are the main focus.
The Central Bank Digital Currency (CBDC) is expected to be utilised for tokenized bills, corporate bonds, foreign currency settlements, offline payments, and even livestock auctions, according to the Reserve Bank of Australia (RBA).
ANZ Banking Corp., the Commonwealth Bank of Australia, Mastercard, and a number of fintech firms are among the partners.
“The initiative comprises selected industry partners showing prospective use cases for a CBDC utilising a limited-scale prototype CBDC that is a true digital claim on the Reserve Bank,” the RBA stated in a statement.
By the middle of this year, a report on the live pilot’s success is anticipated.