Australia to begin testing CBDC in 2023

The Reserve Bank of Australia (RBA) announced a pilot test of the national digital currency (CBDC) in the first half of 2023.

According to the published white paper, the key objectives of the project are to define innovative business models, use cases, and the benefits and risks of CBDC for the state.

The RBA intends to publish the results of testing the Australian digital dollar by the middle of next year.

Earlier, in late 2021, Australian Treasury Secretary Josh Frydenberg told of plans to issue a national digital currency.

In July 2022, RBA Governor Philip Lowe stated the advantages of regulated cryptocurrencies over CBDCs.

In September, New South Wales senator Andrew Bragg saw a threat to national security in the digital yuan.

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