Australia Issues White Paper for Central Bank Digital Currency
Reserve Bank of Australia is researching the potential benefits of launching a central bank digital currency. The monetary authority released a white paper outlining its goals and invited interested parties to participate with proposals and suggest pilot projects. Central Bank of Australia to Pilot CBDC Until Middle of 2023 The Reserve Bank of Australia (RBA) has set out to explore use cases for a digital version of the Australian dollar. It’s collaborating on the project with the Digital Finance Cooperative Research Centre (DFCRC), a research program funded by the government and....
Related News
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 monetary authority in Australia is beginning research into the potential economic benefits of issuing a central bank digital currency. Within the project, the regulator hopes to identify use cases and intends to develop a limited-scale pilot. Central Bank of Australia Working on Digital Currency Program The Reserve Bank of Australia (RBA) announced the launch of a research program to explore the benefits of issuing a central bank digital currency (CBDC) for the country’s economy. The project, expected to take about a year, will be realized together with the Digital Finance....
A new research paper published by South Africa’s FirstRand Bank explores the world of central banks and blockchains, suggesting that the technology could usher in a "new epoch" of monetary oversight. Titled “The Advent of Crypto Banking”, the report examines the question of central bank-issued digital currencies, a topic that recently came to the fore when the European Central Bank announced this week that it was jointly exploring the concept in partnership with Japan’s central bank, the Bank of Japan. Those two institutions are expected to publish research of their own next....
CBDC, also central bank digital currency, is a digital token issued by a country. Many governments and central banks around the world are exploring the use of CBDCs. Even though they mostly remain in the hypothetical stage. However, more than 80% of central banks are looking at digital currencies. The Reserve Bank of Australia announced […]
A staff working paper written for the Bank of England postulates that central bank issued digital currency (CBDC) of 30% of GDP could permanently raise GDP by as much as 3% from lower real interest rates, taxes and monetary transaction costs, according to a recently published paper. The CBDC would be issued against government bonds. The paper, “The macroeconomics of central bank issued digital currencies” by John Barrdear and Michael Kumhof, examines the macroeconomic impact of a central bank issuing electronic, national-currency-denominated and interest-bearing access to its balance sheet....