The Reserve Bank of Australia (RBA) and Digital Finance CRC (DFCRC) have opened their call for use cases that will be considered for the central bank digital currency (CBDC) pilot. The deadline is the end of October. The pilot aims to explore potential new business models that a CBDC can enable, including tokenization, with the ultimate intention of assessing the economic impact of a CBDC. Technology research is not the goal.
The eAUD platform uses a permissioned version of Ethereum, Quorum, developed by Digital Finance CRC and operated by the central bank. However, the use cases which will interface with the eAUD platform can leverage blockchains, public or private, or conventional technologies. All eAUD users will have to go through know your customer (KYC) compliance.
Use cases have to be legally compliant and participants are expected to consult the regulator ASIC. It was mentioned that some legal exemptions may be allowed purely for the pilot.
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