The Reserve Bank of Australia is exploring options for using the government’s digital currency

The Australian Monetary Authority has released a white paper outlining its goals for the central bank’s digital currency.

The Reserve Bank of Australia (RBA) has begun exploring options for using the Digital Australian Dollar (CBDC). The institution teamed up with the Digital Finance Research Center (DFCRC) and published a white paper that tried to offer the most efficient use cases for the digital currency of the Central Bank. In addition, the RBA has attracted participants in the cryptocurrency market to discuss the issue.

The document is titled “Australian CBDC Pilot for Digital Finance Innovation” and details the main goals of the new state currency and its prospects. The document also describes the technical, legal and regulatory aspects that will help financial authorities better understand the technology.

First of all, the regulator plans to study the business models in which the digital currency will be most in demand in order to identify “convincing use cases.” According to the regulator, the digital Australian dollar should have a main and priority task that would justify the existence of a digital currency.

Also, the Central Bank of Australia said that the digital currency pilot project will be denominated in Australian dollars, and the number of coins will be limited to an amount determined by the RBA depending on specific purposes and use cases. Only companies registered in the country will be able to own digital currency.

Earlier, Australian human rights activists demanded that banks be given more responsibility for combating cryptocurrency fraud, as more investors become victims of malefactors.