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.

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