The country’s central bank revealed on Wednesday that Australia is not ready to make a decision on issuing a digital currency backed by the central bank (CBDC) anytime soon.
This is because there are still many unresolved issues that came up during the pilot project.
The report stated that “any decision on a CBDC in Australia is likely to be some years away”, adding that the project did not aim to provide a full evaluation of the costs, benefits, risks and other implications of introducing a CBDC.
The pilot project was launched last year by the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC), which is a 180 million Australian dollar (US$124.3 million) program funded by industry partners, universities and the Australian Government.
The project explored the opportunities from asset digitization and CBDC use cases.