The whitepaper for the Australian CBDC Project has just been released a few hours ago at the time of publishing this article. This CBDC project is confirmed to be sponsored by the Reserve Bank of Australia which is Australia’s central bank.
The program director of this CBDC pilot project is a former Ripple executive, Dilip Rao. He worked at Ripple since 2014 before he left the company in 2019. Although with this latest development, we could assume he will still be championing the XRPL in his lead role in the Australia CBDC pilot project.
Here is a key statement made by Dilip Rao at the Blockchain Venture Summit that shows his true game plan & belief for the XRPL.
“First, get banks connected on RippleNet to settle with fiat”
“Then get them to source liquidity using XRP”
“Then get them to hold XRP directly: Holy Grail“
Project Overview
“The emergence of a tokenised economy offers the potential to deliver new economic and social value, thereby contributing to the welfare of the Australian people.
Central Bank Digital Currency (CBDC) is a digital form of money issued as a liability of the central bank.
The project intends to test a general purpose CBDC issued as a liability of the RBA for use in real-world, pilot implementations of services offered by Australian industry participants. Any compelling use case – whether so-called ‘wholesale’ or ‘retail’ – will be explored in the project.
All use cases proposals submitted by industry participants will be used to inform assessments of the rationale for an Australian CBDC. A limited number of these use cases will also be selected for pilot operation, where implementation in a short time frame is feasible.
A White Paper is provided to describe the project and invite industry participation.”
Key Objectives
“The key objectives of the project are to identify and understand innovative business models, use cases, benefits, risks, and operational models for a CBDC in Australia. It is expected that industry participants will benefit from testing business models and use cases for CBDC, potentially involving their clients.
A report on the findings, including an assessment of the various use cases developed, will be published at the conclusion of the project. These findings will contribute to ongoing research into the desirability and feasibility of a CBDC in Australia.”
“Through this pilot, we invite a broad range of use cases from industry participants, including startups, fintechs, technology vendors, financial services providers, public sector agencies, not-for-profits and charities. We are interested in exploring innovative business models and use cases that may deliver economic or social value to Australia. We are not targeting any specific market and hope to achieve as much diversity as possible. Both so-called ‘retail’ and ‘wholesale’ use cases will be considered. We encourage collaboration and joint proposals.“
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