CANBERRA, Australia—The Reserve Bank of Australia is the latest to be looking at potential use cases for a central bank digital currency (CDBC).
The bank is partnering with the Digital Finance Cooperative Research Centre (DFCRC) on the effort, according to Fintech Futures reported.
The DFCRC is a digital asset research program funded by the financial services industry, including the RBA, universities and the Australian government and treasury, Fintech Future stated..
Fintech Futures reported that RBA deputy governor Michele Bullock said the project is an opportunity to engage with “a wide range of industry participants” to better understand the potential benefits a CBDC could bring to Australia.
While much research has been focused on the technical feasibility of a CBDC, less attention has been given to the use cases and potential economic benefits of a digital currency, Fintech Futures said.
“The RBA and DFCRC research project, which is expected to take a year, is designed to explore this aspect of an Australian CBDC as well as unexplored technological, legal and regulatory considerations,” Fintech Futures said.
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