Australia’s central bank has completed its pilot of a central bank digital currency exploring use cases for a potential digital dollar, finding it useful in four main areas, including enabling complex payments and asset tokenization. The Reserve Bank of Australia and the Digital Finance Cooperative Research Centre unveiled their findings in a 44-page report on Aug. 23 that also detailed a number of cases where a CBDC wasn’t exclusively required to achieve the stated use case. The pilot program revealed four primary areas that could be improved by a CBDC, including the enablement of “smarter" payments. Additionally, the report detailed that a CBDC may support financial innovation.
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