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Australia's central bank launches digital currency project

·1-min read
FILE PHOTO: Two women walk next to the Reserve Bank of Australia headquarters in central Sydney
FILE PHOTO: Two women walk next to the Reserve Bank of Australia headquarters in central Sydney

SYDNEY (Reuters) - Australia's central bank on Monday said it was launching a project to explore the potential use and implications of a wholesale form of central bank digital currency (CBDC) using distributed ledger technology (DLT).

The Reserve Bank of Australia (RBA) said it was partnering with Commonwealth Bank <CBA.AX>, National Australia Bank <NAB.AX>, Perpetual and ConsenSys Software, a blockchain technology company, on the collaborative project.

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.

(Reporting by Wayne Cole; editing by Diane Craft)