Australia May Soon Launch Its CBDC After Successful Trial Led by Ex-Ripple Head

Time Stamp: August 6, 2023 12:54 AM
Source Node: 2198433
August 6, 2023 at 08:54 AM GST 1 min read News
  1. Australia has removed 1 billion Australian dollars from circulation in the last 12 months.
  2. Late in July, Australia completed its CBDC pilot led by a former Ripple head.
  3. The CBDC trial was participated in by government and banking and finance leaders in the country.

Reports stated that Australia is expediting processes to become a cashless society. In the last 12 months, more than 1 billion Australian dollars (AUD) have been removed from circulation.

The news was announced more than 1 week after Australia completed its pilot of a central bank digital currency (CBDC) spearheaded by Dilip Rao, the former Global Head for Infrastructure Innovation of Ripple.

According to Rao, all 15 use cases of the CBDC were tested successfully. The eAUD pilot involved active participation from various government sectors, including the Reserve Bank of Australia, corporate regulator ASIC, and anti-money laundering regulator AUSTRAC. 

In addition to these government entities, major banks like the Commonwealth Bank of Australia (CBA) and the Australia and New Zealand Banking Group (ANZ) took part in the pilot and presented several use cases for the eAUD.

Among the 15 diverse use cases were interoperable CBDC for Web3 commerce, online payments, settlements, distribution, stablecoin proof of reserve, tokenized bills, tokenized securities trading, and offline payments.

Rao reassured that the results will be made public next month. While blockchain technology was employed for the trial, it was not explicitly stated whether Ripple’s technology was utilized by the team for this venture.

Read Also :

disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Time Stamp:

More from Crypto News Land