The Reserve Bank of Australia selected 14 digital currency proposed use cases from a large number of submissions obtained from industry participants.
It has been reported that an assistant governor at the RBA, Brad Jones, said the Aussie central bank is encouraged by the composition of providers that have been “invited to participate in the live pilot.”
“We are delighted with the enthusiastic engagement by industry in this important research project. It has also been encouraging that the use case providers that have been invited to participate in the pilot span a wide range of entities in the Australian financial system, from smaller fintechs to large financial institutions.”
However, according to Jones, the pilot as well as the more comprehensive study will be conducted in parallel to “serve two ends.” The first of these ends is helping the industry gain some “hands-on learning” experience. Bolstering policymakers’ understanding of “how a CBDC could potentially benefit the Australian financial system and economy.”
The report said that for his part, Dilip Rao, a CBDC program director with the Digital Finance Cooperative Research Centre (DFCRC), said the process of “validating use cases” with industry participants and regulators is important because it will likely “inform further research into design considerations for a CBDC that could potentially play a role in a tokenized economy.”
Thus, some of the use cases chosen by the RBA include offline payments, corporate bond payments, and funds custody.