- The selected use cases were picked from several proposals made by industry members.
- Jones claims that the pilot and larger studies would run simultaneously.
Recently, the Australian central bank, which has been investigating the potential advantages of central bank digital currency (CBDC), published the planned use cases for CBDC and the identities of the providers who have been asked to participate in the live trial. The bank, known as the Reserve Bank of Australia (RBA), said in a news release that the selected use cases were picked from several proposals made by members of the industry.
In the statement, RBA assistant governor Brad Jones is shown praising the sector players for their openness to working with the government.
“We are delighted with the enthusiastic engagement by industry in this important research project. It has also been encouraging that the use case providers that have been invited to participate in the pilot span a wide range of entities in the Australian financial system, from smaller fintechs to large financial institutions.”
Close to 14 Different Use Cases
Jones claims that the pilot and larger studies would run simultaneously in order to cover two goals. The primary goal is to provide “hands-on learning” opportunities for professionals in the field. Improvement of policymakers’ knowledge of how a CBDC may enhance Australia’s financial system and economy.
The process of “validating use cases” with industry participants and regulators is important, according to Dilip Rao, the director of the CBDC programme at the Digital Finance Cooperative Research Centre (DFCRC).
Meanwhile, the RBA selected use cases include offline payments, corporate bond payments, and asset custody. According to the release, the RBA has settled on more than eight service providers and close to 14 different use cases.