Reserve Bank of Australia proceeds to research the development of Austria CBDC against the central bank's approval.
According to official reports from the RBA, it will be working with some other financial institutions and firms on a project to look into the possibility of using a wholesale CBDC in the country.
Major Updates:
- The project will research if a wholesale CBDC can work in the country's payment system.
- It would also look into the establishment of a proof of concept for issuing a CBDC token.
- RBA is researching the efficacy of a CBDC in terms of risk management, large-scale transactions, and efficiency.
- The process is part of a continuous phase for the bank regarding CBDC.
An executive at the RBA stated 3 weeks ago that the financial institution would continue exploring CBDC despite the bank stating it has no effective policy for releasing one in September.The central bank stated that it would complete the project before 2020 and release a report next year.
