RBA to commence year-long CBDC research project
Interested industry participants will be invited to develop specific use cases that demonstrate how a CBDC could be used to provide innovative and value-added payment and settlement services to households and businesses.Michele Bullock, deputy governor of the Reserve Bank, says: "This project is an important next step in our research on CBDC. We are looking forward to engaging with a wide range of industry participants to better understand the potential benefits a CBDC could bring to Australia."While the Reserve Bank has been actively working on the prospect for inroducing a CBDC in the wholesale markets, scepticism has been expressed about the need for a retail equivalent."Considerable research has been undertaken by central banks, including the Reserve Bank, into the feasibility and possible technical design of CBDC, in particular exploring the potential use of new technologies such as distributed ledger technology," the central bank acknowledges.
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