ANZ and Commonwealth Bank are among 14 banks, fintechs and payments companies that will explore potential use cases and economic benefits for a central bank digital currency in Australia, the Reserve Bank said on Thursday.

The pilot will have the companies testing CBDC, a digital version of central bank issued Australian dollars, using a real claim on the RBA. This puts the central bank ahead of most global central banks racing to explore how digital cash can facilitate commerce in the emerging blockchain economy.