The Reserve Bank of Australia (RBA) and the Digital Finance Corporate Research Center (DFCRC) are looking for industry participants to present use cases for the government’s cryptocurrency.
The Central Bank expects that the pilot project called “eAUD”, which will run from January to April 2023, will demonstrate new opportunities in terms of cost, speed and quality of results through the use of digital currency.
As part of the pilot project, eAUD will be denominated in Australian dollars. The volume of digital assets released for testing will be determined by the RBA based on the requirements of the vendors of the selected use cases. At the same time, the Central Bank will not pay interest on eAUD reserves.
Not only legal entities, but also individuals registered in Australia can own an eAUD and be invited to participate in the pilot project, subject to passing the Know Your Customer (KYC) verification. Selected use cases for the pilot will be announced in December.
Last month, the Reserve Bank of Australia announced that it was launching a pilot project with the DFCRC to explore options for the practical use of government cryptocurrency (CBDC).
Source: Bits
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