In September last year, the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC) invited businesses to participate in its central bank digital currency (CBDC) research project. It received 140 use cases by the end of October and today unveiled 15 projects that are proceeding, subject to compliance. Responding to industry demand, it will reopen applications until the end of March. A report is planned for mid-year.
Some of the major names involved in the use cases include Mastercard, Intuit, ANZ and Commonwealth Bank.
The program’s primary objective is to explore business models and use cases and their associated benefits and risks. The use cases span both retail CBDC and wholesale CBDC.
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