CBDCs could create a more efficient way to pay during livestock auctions.
A buyer and seller of cattle have used the RBA CBDC for the first time to trade a soft commodity.
The FarmGate marketplace could disrupt agricultural stalwarts like Elders and Nutrien.
In a landmark transaction for the Australian economy, one that points to the arrival of accessible agricultural payments technology, a NSW cattle auction was settled by two farmers using a digital version of the Australian dollar backed by the Reserve Bank.
The dynamics could disrupt the broking and sales processes for soft commodities, including livestock, underlining the potential benefits to the rural sector from a central bank digital currency.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
