In September 2022, the Reserve Bank of Australia released a report outlining the concept of a CBDC.
The Central Bank promised to launch a digital version of the Australian dollar in a test mode if the financial system is ripe for the integration of an innovative tool.
This week, the press service of the Reserve Bank announced the implementation of the CBDC project in a pilot mode over the next few months. The regulator’s partner is the Research Center Digital Finance Cooperative.
Its experts will help the Central Bank to study the benefits of CBDC and prepare a plan for integrating the token into the state’s financial infrastructure.
At the first stage of the pilot implementation of the project, the Reserve Bank will attract several market participants. They will take part in the deployment and testing of the token.
The project will start on March 31st and end on May 31st. The regulator promises to sum up its results and publish a corresponding report by the end of June 2023.
It is already known that the list of test participants will include Commonwealth Bank and Australia and New Zealand (ANZ) bank. The Central Bank wants to test the option of paying for goods and services using a token offline.
