The Reserve Bank of Australia on Monday issued a 'white paper' for the central bank digital currency (CBDC) pilot project (eAUD) in collaboration with the Digital Finance Cooperative Research Center (DFCRC). Interestingly, this CBDC will be led by a former Ripple executive, Dilip Rao.
Meanwhile, the price of XRP saw a recent uptick following the SEC vs Ripple judicial case nearing its conclusion. XRP's daily trading volume soared past $6 billion, driving the price up over 40% in a week.
RBA and DFCRC will conduct this pilot project to identify use cases and understand the technological, legal and regulatory aspects of CBDC eAUD. The central bank invites industry participants to join in the use of CBDC in Australia's economy and financial system by 31 October.
According to the DFCRC, at least 12 use cases will be selected for further research by December 31. Use cases must comply with all laws and industry participants must hold all necessary licenses and permits. In addition, the trial will begin on January 1 and the final report will be presented on June 30 next year.
Interestingly, the pilot research was led by former Ripple executive Dilip Rao as program director of the CBDC project. Rao was a key individual who contributed to the adoption of Ripple's XRPL by the banking and financial markets from 2014 to 2019. He believes that the XRPL settlement system has potential in CBDC. On that basis there is a possibility that eAUD will be built on top of XRPL.
The price of XRP previously saw over 40% last week as investors and shark groups believed Ripple would win the lawsuit against the SEC. Additionally, both Ripple and the SEC have filed motions for summary judgment.
At the time of writing, XRP is trading at $0.46, down nearly 6% in the past 24 hours.