The Reserve Bank of Australia (RBA) has started exploring the possible use and implications of the wholesale form of a CDBC, backed by the Ethereum blockchain. RBA hopes to launch a wholesale CBDC on the Ethereum blockchain.
As stated in the , the companies will also research a proof-of-concept (POC) that will enable the issuance of tokenized CBDC for wholesale market participants.
The bank announced that it is now in partnership with other financial groups and a blockchain software company on the research project. The other partners are National Australia Bank, Commonwealth Bank, Perpetual, and blockchain software company ConsenSys.
The assistant governor at the RBA, Michele Bullock, explained the goal of the research:
Image Credits: Pixabay