The Reserve Bank of Australia (RBA) issued a whitepaper on its central bank digital currency (CBDC), or “eAUD,” pilot project on Monday, inviting industry participants to submit use cases with economic and social advantages.
The RBA announced a relationship with the Digital Finance Cooperative Research Centre (DFCRC) to investigate CBDC use cases for Australia on August 9, 2022. The collaborative study culminated in the establishment of a project to test a general-purpose prototype CBDC.
According to the white paper titled Australian CBDC Pilot for Digital Finance Innovation:
“The key objectives of the project are to identify and understand innovative business models, use cases, benefits, risks, and operational models for a CBDC in Australia.”
According to preliminary project timetables, the report on Australia’s CBDC pilot project will be issued in mid-2023.
The chosen use cases will be disclosed on December 31, prior to the CBDC trial, which is set to run from January to April 2023.
The RBA, as a central bank, will be in charge of issuing eAUD, while the DFCRC will oversee the creation and implementation of the eAUD platform. Once approved for implementation, industry partners can join the pilot as use case providers.
On September 6, 2022, Australia’s ministerial department of the Treasury sought public input on taxing cryptocurrency. Assistant Treasurer Stephen Jones stated that crypto assets will not be taxed as a foreign currency.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
Author
News
RBA Pilot CBDC Trial To Begin In 2023
The Reserve Bank of Australia (RBA) issued a whitepaper on its central bank digital currency (CBDC), or “eAUD,” pilot project on Monday, inviting industry participants to submit use cases with economic and social advantages.
The RBA announced a relationship with the Digital Finance Cooperative Research Centre (DFCRC) to investigate CBDC use cases for Australia on August 9, 2022. The collaborative study culminated in the establishment of a project to test a general-purpose prototype CBDC.
According to the white paper titled Australian CBDC Pilot for Digital Finance Innovation:
“The key objectives of the project are to identify and understand innovative business models, use cases, benefits, risks, and operational models for a CBDC in Australia.”
According to preliminary project timetables, the report on Australia’s CBDC pilot project will be issued in mid-2023.
The chosen use cases will be disclosed on December 31, prior to the CBDC trial, which is set to run from January to April 2023.
The RBA, as a central bank, will be in charge of issuing eAUD, while the DFCRC will oversee the creation and implementation of the eAUD platform. Once approved for implementation, industry partners can join the pilot as use case providers.
On September 6, 2022, Australia’s ministerial department of the Treasury sought public input on taxing cryptocurrency. Assistant Treasurer Stephen Jones stated that crypto assets will not be taxed as a foreign currency.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
Other Posts
Related Posts
Latest
$2.9M Raised, 214M Tokens Sold: Why Qubetics, Arbitrum, and Stacks Are the Best Cryptos to Buy Today?
BlockDAG’s $20M Surge in 48 Hrs Powers It Towards $600M, as Ethereum Faces Resistance and Cardano Shows Potential
Best Altcoins to Buy Ahead of December 2024: Turn $2K Into $429K, Don’t Miss Out on the Altcoin Boom of 2024!
Press Release
$2.9M Raised, 214M Tokens Sold: Why Qubetics, Arbitrum, and Stacks Are the Best Cryptos to Buy Today?
BlockDAG’s $20M Surge in 48 Hrs Powers It Towards $600M, as Ethereum Faces Resistance and Cardano Shows Potential
