The Reserve Bank of Australia and the Digital Finance Cooperative Research Centre released a report on their CBDC pilot revealing four key areas which could benefit from the introduction of a CBDC.
The pilot found four primary areas which could be improved by a CBDC including the enablement of"smarter" payments where a tokenized CBDC enabled a range of complex payment arrangements that were not currently supported by existing payment systems.
Additionally, the report detailed that a CBDC may support financial markets innovation such as debt securities markets, promoted innovation in emerging private digital money sectors and enhanced resilience and inclusion within the wider digital economy. The pilot found a CBDC could be useful in four main areas, including for some payments and asset tokenization. Source: RBA
The CBDC pilot program was structured as a real legal claim on the RBA rather than a proof-of-concept which caused uncertainty over its legal status and regulatory treatment with participants. "Some participants were uncertain if they were providing custody services or dealing in a regulated financial product because of holding or dealing in the pilot CBDC," the report said."These issues would ideally be anticipated and resolved in any legal and regulatory reforms that accompany the issuance of a CBDC."
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