eAUD was launched by the Reserve Bank of Australia (RBA) in partnership with the Digital Finance Corporate Research Center (DFCRC) in March. Canvas noted that in this case, the functions of eAUD in tokenized currency settlements were studied in order to determine the advantages of the state stablecoin in comparison with fiat currencies and existing payment platforms.
The eAUD transaction was instantaneous, whereas normal foreign exchange transactions are slow, high in fees, and not without errors. The transaction was made in the Connect decentralized application from Canvas. It is a layer 2 solution for the Ethereum network that uses StarkWare’s ZK Rollups technology.
Canvas CEO David Lavecky called the transaction “historic,” adding that the eAUD could address the challenges faced by the foreign exchange and remittance markets. In particular, the digital Australian dollar is able to reduce the time of transactions, reduce fees for their implementation and ensure the transparency of the payment process.
At the end of last year, the Reserve Bank of Australia received more than 140 proposals for the use of its digital currency in various industries, which indicates a great interest of organizations in eAUD. At the same time, the regulator has concerns that the CBDC could crowd out the state currency.
Source: Bits
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