The Reserve Bank of Australia (RBA) has published a white paper to provide additional information on its Central Bank digital currency proposal (CBDC), called eAUD.

In its concerted efforts to explore all possible use case scenarios related to the creation of eAUD, the RBA has partnered with the Digital Finance Cooperative Research Center (DFCRC) to co-develop systems to test the capabilities of the new currency. legal tender. The duo set about testing, and according to the recently released Whitepaper, pilot testing is scheduled to begin next year.

Heralded as one of the most advanced economies exploring the launch of a CBDC, Australia, through the RBA, will seek to understand how the system will work in all settings that have key stakeholders in the country’s financial ecosystem.

“The key objectives of the project are to identify and understand innovative business models, use cases, benefits, risks and operating models for a CBDC in Australia,” the Whitepaper reads.

In addition to the RBA and the DFCRC, each entity conducting the trials has its own defined contributions to the larger project. While the RBA will be in charge of issuing the eAUD, the DFCRC will be tasked with designing the interface for the currency and a suite through which all participants will interact.

Over the course of the trial, the RBA will onboard private banking partners and other stakeholders who can help issue the eAUD to public members as it looks to expand the scope of the trials.

According to the Whitepaper, the comprehensive pilot will run from January to April next year, with potential entrants having until October 31 to submit their expressions to be a part. The pilot platform will be closed at the end of April and the RBA will monitor the publications of the findings in mid-2023.

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