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Australia will begin pilot testing of its CBDC in 2023



The Reserve Bank of Australia (RBA) has confirmed that it plans to complete pilot testing for a CBDC by 2023.. The research project to create a CBDC began last June, and pilot testing is expected to begin in August.

Today, the Reserve Bank of Australia (RBA) has published The white paper for your central bank’s (CBDC) digital currency pilot project.. These types of documents are used to develop projections and next steps for a project, as well as to inform future legislation.

The Australian CBDC research project began in July 2022, with pilot testing reportedly taking place last month, in August. The white paper states that the body plans to complete the pilot program by mid-2023. This pilot would serve to explore different “innovative use casesWho could support the creation of a CBDC.

The paper also confirms that a study is underway on the regulatory considerations associated with the use of a CBDC in the country.. The RBA administration is seeking views and comments from key industry players, which could contribute to the ongoing investigation.

The paper indicates early 2023 as the target date for the completion of the CBDC pilot project; by mid-year the results are expected to be published. In addition, the white paper revealed previously unknown information about the possible Australian CBDC. The name of the pilot currency would be eAUD and all participants in the project should be invited and approved by the RBA itself..


The white paper does not confirm that the project will be implemented with absolute certainty. The fact that pilot testing has already begun offers greater assurance that the CBDC will eventually come to fruition, but it is not a 100% guarantee that it will reach users. Australia would be at the tail end of the list of countries working on a CBDC: Iran, Switzerland and France o China.

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