Australian central bank to launch 'live pilot' of CBDC in coming months

The Reserve Bank of Australia (RBA), the country's central bank, has released a report outlining use case proposals for its Central Bank Digital Currency (CBDC).

The RBA said on Mar. 2 local time that financial industry participants were also chosen to implement the chosen use cases and were invited to participate in a live pilot that is to take place over the coming months.

The use cases proposed by the RBA included offline payments, tax automation and a CBDC for "trusted Web3 commerce."

The selected partners for the use case trial ranged from banks, such as Commonwealth Bank and Australia and New Zealand (ANZ) bank to payment providers such as Mastercard.

This is a developing story, and further information will be added as it becomes available.