December 8, 2023

Reserve Bank of Australia to test digital dollar

Over the coming months, the Reserve Bank of Australia will release and test a digital Australiandollar.

On March 31, the RBA will create a CBDC and begin conductingtrials, which are due to end on May 31. A report on the results of the project is expected to be published on June 30. During the experiments, the central bank plans to evaluate the results of using the digital dollar in the following areas:

  1. Offline payments;
  2. Automation of the tax collection process;
  3. Web3 trading.

The testing will involve the Commonwealth Bank and Australia and New Zealand Bank, blockchain company CANVAS, payment systems Mastercard and Monoova, as well as several other organizations.

CANVAS co-founder David Lavecki praises the potential of CBDC and believes that using a central bank cryptocurrency will speed up the transaction process and reduce fees.

According to him, during the upcoming tests, experts will determine the effectiveness of the Australian digital dollar and decide whether to issue a CBDC.

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