As per a notification made by the Reserve Bank of Australia (RBA), the financial institution is collaborating with the National Australia Bank, Commonwealth Bank, the financial services provider Perpetual, and blockchain focused tech company ConsenSys on a venture to study the likely utilization of a wholesale central bank digital currency in the country utilizing “Ethereum-based distributed ledger technology”.
In the statement released by the bank, it was clarified that a proof-of-concept (POC) that will allow CBDC tokens to be issued to market players is now being studied.
The partners are going to seek ways to explore how a wholeform CBDC project can be used and whatever possible impact it could have on the dealings of the economy. Such a token would be used by wholesale market participants to fund, settle, and repay a token syndicated loan deployed on the Ethereum network.
The move marks a significant departure from the Reserve Bank’s stance.
The Bank reportedly highlighted the success of its New Payments Platform, which delivers real-time transaction processing for citizens and institutions.