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READ MOREReserve Bank to trial digital currency in 'limited-scale pilot' scheme
The Reserve Bank of Australia will trial its own digital currency as part of a research project to evaluate the future of Central Bank Digital Currencies (CBDC) in Australia.
Unlike well known cryptocurrencies such as Bitcoin and Ether, which were created by private entities or individuals, a CBDC is issued and controlled by the central bank just like cash and electronic stores of sovereign currency sitting in bank accounts.
The research project the RBA is undertaking in collaboration with the Digital Finance Cooperative Research Centre (DFCRC) will focus on the uses for, and potential economic benefits of, a CBDC.
Read more at ABC News
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