Australia: Completed Reserve Bank and DFCRC research project on CBDC

On 23 August 2023, the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC) jointly completed a research project on the potential use cases for a central bank digital currency (CBDC) in Australia. The project involved the issuance of a limited-scale pilot CBDC by the RBA, which industry participants used to explore innovative payment and settlement services for Australian households and businesses. The research highlighted areas where a CBDC could enhance the payment system while identifying legal, regulatory, technical, and operational challenges that need further investigation. The findings will shape the RBA's future research on the evolution of money in Australia, including its role in tokenised asset markets and programmable payments.