The Australian central bank announced on Monday that it is partnering with Commonwealth bank, National Australia Bank, Perpetual and Consensys Software to explore the potential use and implications of a wholesale form of central bank digital currency (CBDC) using distributed ledger technology.
The Reserve Central Bank said the project will involve the development of a proof-of-concept for the issuance of a tokenised form of CBDC that can be used by wholesale market participants for the funding, settlement and repayment of a tokenised syndicated loan on an Ethereum-based DLT platform.
The project is expected to be completed around the end of 2020 and a report will be issued on the project during the first half of next year, the reserve central bank said.
