Australia Completes CBDC Trial Headed by Ex-Ripple Head

1. Australia has completed its CBDC trial with the participation of government and banking sectors.
2. All 15 use cases of the CBDC were completed on schedule.
3. The CBDC pilot was spearheaded by former Ripple global head Dilip Rao.

Australia has successfully completed the trial of its own central bank digital currency (CBDC) eAUD. This was confirmed by Dilip Rao, former Ripple Global Head for Infrastructure Innovation.

According to Rao’s LinkedIn announcement, all 15 of the CBDC use case pilots were completed on schedule on July 21. This was participated in by the government sector such as the Reserve Bank of Australia, corporate regulator ASIC, and anti-money laundering regulator AUSTRAC.

Alongside the mentioned government entities, leading banks like the Commonwealth Bank of Australia (CBA) and the Australia and New Zealand Banking Group (ANZ) hosted a couple of use cases for the eAUD.

Some of the 15 use cases include interoperable CBDC for Web3 commerce, online payments, settlements, and distribution, stablecoin proof of reserve, tokenized bills, tokenized securities trading, and of course, offline payments.

Results of the CBDC pilot will be published next month, Rao assured.

Blockchain technology was utilized for the trial, although it was not explicitly mentioned by Rao whether Ripple’s technology was employed by the team for such an endeavor.

The complete list of the 15 use cases for the CBDC can be found here.

In other news, the National Australia Bank (NAB), another of the top banks in the said country, is partnering with Ripple to use XRP for cross-border transactions. The partnership will begin with transactions from Australia to selected countries in Southeast Asia.