According to a whitepaper released on Monday, the Reserve Bank of Australia (RBA) is expecting to complete its central bank digital currency (CBDC) pilot by mid-2023.
The RBA and the Digital Finance Cooperative Research Center (DFCRC) have collaborated to carry out CBDC pilot project.
The purpose of this pilot is to “identify and understand innovative business models, use cases, benefits, risks, and operational models for a CBDC in Australia.”
Once approved, industry participants would be able to join the pilot as use case providers. However, the RBA clarifies that the participants “will bear their own costs for the conception, design, development, implementation and piloting of use cases, if selected.”
The whitepaper stated that the project was also looking into regulatory considerations associated with a CBDC.
While RBA will be responsible for issuing the eAUD, the DFCRC will oversee the development and installation of the eAUD platform.
According to a timeline outlined in the whitepaper, the experiment is expected to end by the beginning of 2023, while the results are expected to be published by mid-2023.