The Reserve Bank of Australia (RBA) said it will conduct a study on the potential full use of the central bank's digital currency (CBDC) using Ethereum-based technology in the country.
The study will be conducted in collaboration with Commonwealth Bank, National Australia Bank, financial services firm, Perpetual and software firm, ConsenSys.
According to RBA Assistant Governor Michele Bullock, through their efforts, they hope to study the implications of CBDC in terms of efficiency, risk management and innovation in comprehensive financial market transactions.
In fact, the still-questionable use of the CBDC in the financial industry also prompted them to study the role of the technology in Australia's future payment systems.
This action is also an RBA move to deal with CBDC law. Last October, the head of payment policy at the RBA explained that the bank would continue its study on the CBDC even though last September the financial institution had announced that no solid policy had been issued.
Among the alternatives presented in the establishment of the CBDC include the New Payments Platform which is successful with national efficiency.
They also do not hesitate to continue to provide access to fiat banknotes as long as Australians want to use the assets.
The study is expected to be completed by the end of 2020, followed by a report released in 2021.
