Australia simply took an enormous step towards launching a digital foreign money — however not for on a regular basis customers. The Reserve Financial institution of Australia is testing a wholesale CBDC with actual cash and actual property via a brand new program known as “Undertaking Acacia.”
Over the following six months, the RBA and trade companions will discover how digital cash may make monetary markets run extra easily. The main focus is on issues like bond settlements, personal investments, and carbon credit score buying and selling — not shopping for espresso with crypto.
As an alternative of making a digital greenback for the general public, the RBA is targeted on making institutional finance quicker, cheaper, and extra clear. Check companions embrace networks like Hedera and R3 Corda. A report will comply with subsequent 12 months with outcomes from the pilot.
