Australian Reserve Bank’s ‘Project Atom’ CBDC research finds numerous benefits
Following Treasurer Josh Frydenberg’s “payments and crypto reform plan,” the RBA has published a report exploring DLT tech and wholesale CBDC issuance. The Reserve Bank of Australia (RBA) published a report into its two-year research project into wholesale central bank digital currencies (CBDCs) that emphasized the benefits of digitizing and autonomizing manual, paper-based banking processes using distributed ledger technology (DLT). The report marks the conclusion of the two-year project named “Project Atom” that was conducted in partnership with the Commonwealth Bank of Australia (CBA),....
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The pilot project will last a year, and the details for potential participants will be published in the next few months. The Reserve Bank of Australia weighs in the central bank digital currencies (CBDCs) race to explore use cases for a CBDC in the country. It will collaborate with the Digital Finance Cooperative Research Centre (DFCRC) on a respective research project. As stated in an announcement from Aug. 9, the joint project of the Reserve Bank and DFCRC will focus on “innovative use cases and business models” that could be supported by the issuance of a CBDC. The technological, legal....
The key objectives of the project are to identify and understand innovative business models, use cases, benefits, risks, and operational models for a CBDC in Australia. Making it to the list of countries that intend to launch an in-house central bank digital currency (CBDC), the Reserve Bank of Australia (RBA) released a white paper outlining an elaborate plan for conducting a pilot project for eAUD.On Aug. 9, 2022, the RBA announced a collaboration with the Digital Finance Cooperative Research Centre (DFCRC) to explore CBDC use cases for Australia. The joint research resulted in the....
The Reserve Bank of Australia is continuing to explore how to design and operate a CBDC. The Reserve Bank of Australia has revealed it’s continuing to research a central bank digital currency (CBDC) less than a month after stating that there was no need for one.The RBA also revealed it is considering the possibility of a more targeted “wholesale” CBDC.Speaking at the University of Western Australia Blockchain, Cryptocurrency and Fintech Conference, Tony Richards — the Head of Payments Policy at the RBA — stated: “We will be continuing to consider the case for a CBDC, including how it might....
The project will “explore if there is a future role for a wholesale CBDC in the Australian payments system,” according to the RBA. According to a Nov. 2 announcement from The Reserve Bank of Australia, or RBA, the financial institution will be partnering with the Commonwealth Bank, National Australia Bank, the financial services company Perpetual, and software company ConsenSys on a project to explore the potential use of a wholesale central bank digital currency in the country using “Ethereum-based distributed ledger technology."The RBA stated it would be researching the development of a....
The Bank of England will launch a yearlong joint research project with MIT, which is already working with the Fed and Bank of Canada. The Bank of England announced Friday that it had reached an agreement with the Massachusetts Institute of Technology Media Lab Digital Currency Initiative, or DCI, on a joint twelve-month research project on Central Bank Digital Currency, or CBDC. The bank said in a statement that the new project was for research purposes only, and not intended to develop an operational CBDC.The bank began studying CBDC in 2020, releasing a discussion paper in March of that....