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.
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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
