cryptoknowmics.com
To investigate use cases for a retail central bank-issued digital currency, the Reserve Bank of Australia said on Monday that it had partnered with the Digital Finance Cooperative Research Centre (DFCRC). Both parties will start a study effort that will last a whole year and involve creating a small-scale CBDC within a ring-fenced sandbox.
Reserve Bank of Australia Teams Up With DFCRC
The RBA and DFCRC claimed that their initiative would fill in knowledge gaps by examining the technology's potential economic advantages despite considerable research on its viability already conducted. Australia's digital dollar experiment will join a growing group of nations, including France, China, Canada, South Africa, and Ghana, that are piloting the technology. According to a person who knows the situation, the RBA closely monitors studies carried out by various countries across the globe. The bank is working with the DFCRC on a pilot study to understand better the CBDC use cases in an Australian setting.
Digital Finance Cooperative Research Centre (DFCRC)
The Australian Government, business associates, and universities contribute to the $180 million 10-year DFCRC research program through the nation's Cooperative Research Centres Program. The two claimed that the project would allow them to learn more about the technological, legal, and regulatory issues surrounding an Australian digital currency. There was no information about the start date of the project. A spokeswoman for DFCRC and the bank did not immediately respond to requests for comment. The statement claims that interested industry players would be asked to create concrete use cases demonstrating how CBDCs could improve payments and settlement services for individuals and enterprises.