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Australia is now among the countries making efforts to issue a digital form of national currency. The central banking institution of Australia, the Reserve Bank, has collaborated with the Digital Finance Cooperative Research Centre (DFCRC) to put forward a technical White Paper on its future CBDC. DFCRC is assisting the Reserve Bank on a research project that assesses all technological, legal, and regulatory considerations related to the CBDC.

As one of their steps, the Reserve Bank has asked industry participants to give their opinion on how the digital dollar would interact with the national monetary network. All along, ordinary participants also have the chance to evaluate the product and test its value proposition. The Bank of International Settlement’s Innovation Hub also formed a part of the project.