- Australia has removed 1 billion Australian dollars from circulation in the last 12 months.
- Late in July, Australia completed its CBDC pilot led by a former Ripple head.
- The CBDC trial was participated in by government and banking and finance leaders in the country.
Reports stated that Australia is expediting processes to become a cashless society. In the last 12 months, more than 1 billion Australian dollars (AUD) have been removed from circulation.
The news was announced more than 1 week after Australia completed its pilot of a central bank digital currency (CBDC) spearheaded by Dilip Rao, the former Global Head for Infrastructure Innovation of Ripple.
According to Rao, all 15 use cases of the CBDC were tested successfully. The eAUD pilot involved active participation from various government sectors, including the Reserve Bank of Australia, corporate regulator ASIC, and anti-money laundering regulator AUSTRAC.
In addition to these government entities, major banks like the Commonwealth Bank of Australia (CBA) and the Australia and New Zealand Banking Group (ANZ) took part in the pilot and presented several use cases for the eAUD.
Among the 15 diverse use cases were interoperable CBDC for Web3 commerce, online payments, settlements, distribution, stablecoin proof of reserve, tokenized bills, tokenized securities trading, and offline payments.
Rao reassured that the results will be made public next month. While blockchain technology was employed for the trial, it was not explicitly stated whether Ripple’s technology was utilized by the team for this venture.
