The Reserve Bank of Australia, in partnership with the Digital Finance Cooperative Research Center (DFCRC), released the white paper for the pilot project Central Bank Digital Currency (CBDC) (eAUD) on Monday. Interestingly, the CBDC pilot is being led by Ripple’s former executive Dilip Rao.
Meanwhile, the XRP price saw a huge pump as the SEC v. Ripple neared a lawsuit. Daily trading volume increased by more than $6 billion, pushing the price up more than 40% in a week.
Australian Reserve Bank Announces CBDC Pilot White Paper
The Reserve Bank of Australia (RBA), in collaboration with the Digital Finance Cooperative Research Center (DFCRC), released the white paper “Australian CBDC Pilot for Digital Finance Innovation” on September 26.
The RBA and DFCRC will conduct a pilot project to identify use cases and understand the technological, legal and regulatory aspects of the eAUD CBDC. The central bank is inviting industry participants to submit use cases that will benefit the Australian economy and financial system by October 31. Also, participants can request to use their use case for testing and demonstrate its value in the pilot project.
According to the DFCRC, at least 12 use cases will be selected for further investigation by December 31. The use cases must comply with all laws and participants must have all necessary licenses and permits. The pilots with use cases will also start on 1 January and the final report will be presented on 30 June next year. In particular, participants bear all costs in the pilot.
Interestingly, the pilot study is led by Ripple’s former director Dilip Rao as program director of the CBDC project. Rao even contributed to Ripple’s XRPL adoption by the banking and financial market from 2014 to 2019. He believes that the XRPL-based real-time settlement system has capabilities in CBDCs. The team plans to design the eAUD on private, authorized Ethereum, but the likelihood of XRPL use cases is higher.
XRP Price Huge Rally
The XRP price witnessed a massive rally of more than 40% last week as traders and whales believe Ripple’s victory in the SEC lawsuit. In addition, both Ripple and the SEC have filed motions for summary judgment.
At the time of writing, XRP price is trading at $0.47, down nearly 3% in the past 24 hours. Experts believe the SEC can settle with Ripple because it can’t prove XRP as a security.
Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a significant period of time and is currently covering all the latest updates and developments in the crypto industry.
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