Australia to explore digitalcurrency use cases, issues white paper for eAUD.
The document titled “Australian CBDC Pilot for Digital Finance Innovation” details the main objectives of the initiative and explains the design of the new currency. Members of the industry have been invited to propose use cases that have the potential to improve the functioning of Australia’s economy and financial system, the RBA announced.
Compelling use cases, wholesale or retail, will be included in the pilot and used to assess the rationale for an Australian digital currency, the RBA said. A wide range of stakeholders are welcome to take part in the project, including financial institutions, fintech firms, public sector agencies, and tech companies.
Only Australian residents and entities registered in the country will be able to hold eAUD and the holdings will not bear any interest. All end users will need to be invited by an approved use case provider or know-your-customer provider. The CBDC will be stored in both custodial and noncustodial wallets.
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