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As part of the research, the RBA wants to develop a proof-of-concept (POC) for the issuance of a tokenised CBDC for “wholesale market participants”. It cites a digital currency used for the funding, settlement and repayment of a loan which can also be issued on an Ethereum-based ledger.
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“With this project we are aiming to explore the implications of a CBDC for efficiency, risk management and innovation in wholesale financial market transactions,” says the RBA’s assistant governor, Michele Bullock. “While the case for the use of a CBDC in these markets remains an open question, we are pleased to be collaborating with industry partners to explore if there is a future role for a wholesale CBDC in the Australian payments system,” he adds.
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