Australian Reserve Bank To Start Pilot Phase Test For eAUD In Mid-2023

According to reports, Australia has decided to start the pilot test phase of its potential digital Australian dollar next year. The stage would evaluate the utility case, investment risks, merits, and business & operational models of the eAUD.

Reserve Bank Of Australia To Commence Pilot Phase For eAUD

The Australian Reserve Bank (RBA) is bent on making the country one of the pioneers of central bank digital currency globally. In line with its aims, the financial regulator agency released a white paper that contains the roadmap of the eAUD pilot phase test.

According to the white paper, the test would help to comprehensively understand the benefits and investment risks involved in the use of the digital dollar in the country. Furthermore, RBA would jointly evaluate and explore the utility cases of the potential eAUD with a digital finance research firm, DRCRC. 

Together, RBA and DFCRC would carry out the pilot phase evaluation of the Australian digital dollar by mid-2023. In addition, the roadmap issued stated that the result of the pilot phase test on the potential eAUD should be out by the middle of next year, 2023.

Also, the Reserve Bank of Australia would manage and control the launching of the Australian digital dollar as the apex bank. Additionally, DFCRC is responsible for developing and installing the digital AUD platform.

Firms To Sponsor Themselves In Partaking In The eAUD Project

According to the white paper, firms willing to partake in the project can serve as utility case providers once the eAUD is out. Furthermore, it stated that each partaker has to fund the designs, implementation, conception, and all other processes they do as a utility case provider. 

On September 6, 2022, the Treasury department of Australia sought the counsel of the general public on the tax rules recently passed on crypto assets. Also, Stephen Jones, the assistant treasurer of the country, hinted that Australian regulators plan to stop crypto investors from paying foreign currency tax.

During the announcement, the regulators gave the public till the 30th of September to relay their comments, and it ends in the next four days. If the parliament passes the proposed tax law bill, they will amend the Goods and Services Tax legislature, stating crypto as foreign currency.

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