Australia’s Central Bank Begins Digital Money Trials with 19 Industry Partners
Synopsis
The Reserve Bank of Australia has taken a major step towards launching a wholesale central bank Digital currency ( CBDC), announcing on Thursday that it will begin live testing of real money use-cases across…
The Reserve Bank of Australia has taken a major step towards launching a wholesale central bank Digital currency ( CBDC), announcing on Thursday that it will begin live testing of real money use-cases across the financial industry.
Under a new pilot program called Project Acacia, the RBA and its industry partners will test 19 pilot cases involving actual money and assets as well as proof-of-concept simulations. The pilot will explore how CBDCs, Stablecoins, and bank deposits can be used to settle transactions across multiple sectors, from fixed incomes and private markets to carbon credits and trade receivables.
Brad Jones, RBA’s assistant governor in charge of the financial system, said the new program will help determine innovation. Central and private digital money could improve Australia’s wholesale financial markets.
Real-world Testing begins across multiple programs
The pilot includes testing across multiple platforms like Canvas Connect, Hedera, and more, with the trial phase expected to run for the next six months. The RBI plans to publish a detailed report on its findings in the first half of 2026. According to RPA potential benefits of wholesale CBDC would be lower transaction costs for banks and institutions, more efficient use of collateral, reduced counterparty and operational risks, and approved auditability and transparency.
Unlike the retail CBDC, which targets everyday customers, a wholesale CBDC is mainly used between financial institutions. The RBA previously concluded that there was no strong economic case for a retail version in Australia.
Focus on innovation in institutional finance
With global interest in international currency rising, Australia’s CBDC pilot puts it in line with major economies, exploring blockchain solutions for faster transactions. The RBA emphasized that this move is not about replacing the current system, but rather enhancing it with more secure and innovative infrastructure.
The project comes as other central banks, including those in Japan, Singapore, and Europe, explore similar CBDC use cases for institutional finance.
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