- They will test digital money on real cases
- The project involves Mastercard, major banks and blockchain firms
Reserve Bank of Australia 31 March Launches “live pilot” of digital currency. The Digital Finance Research Center and dozens of partners will help them with this. Here is their list:
The purpose of the tests is to explore the potential options and economic benefits of using CBDC in Australia. At the initial stage, the central bank will select several partners to test different use cases for CBDC. These will be international payments, tax automation, offline payments, and “secure Web3 trading.”
The pilot will last 2 months – from March 31 to May 31. And the bankers promise to provide the final report on the results by June 30.
The participants of the test will be two large commercial banks – Commonwealth Bank and ANZ Bank. As well as the Mastercard payment system.
International crypto transfers
One of the partners of the pilot is the blockchain company CANVAS. They will have an interesting task to explore the benefits of using CBDC in tokenized foreign exchange (FX) transactions. In the long term, this means a big breakthrough in the money transfer industry.
Every day, countries exchange trillions of dollars. But traditional systems are slow, and on weekends, many operations are not executed. Blockchain can solve this problem.
Operations will be carried out, including through ZK technologies on the engine from StarkWare. It is a zero-knowledge protocol that provides fast and secure anonymous transactions.