Former Ripple Executive to Head Australian CBDC Trial

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Former Ripple Executive to Head Australian CBDC Trial
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  • A white paper titled “Australian CBDC Pilot for Digital Finance Innovation” was published.
  • On December 31st, at least 12 use cases will be chosen for further investigation.

On Monday, the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre (DFCRC) unveiled the pilot project’s (eAUD) white paper for the central bank digital currency. Coincidentally, Dilip Rao, a former executive of Ripple, is now in charge of the CBDC trial.

Just as the summary judgement in SEC v. Ripple draws closer, the XRP price saw a tremendous spike. Within a week, the price surged by more than 40 percent, fueled by a daily trading volume increase of more than $6 billion.

A white paper titled “Australian CBDC Pilot for Digital Finance Innovation” was published on September 26 by the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC).

XRPL Use Cases Likely

The RBA and DFCRC will test the eAUD CBDC in order to learn more about its potential uses and the technical, legal, and regulatory framework that surrounds it. Participants may also ask to put their use case to the test in the pilot project and show its usefulness.

On December 31st, at least 12 use cases will be chosen for further investigation as per the DFCRC. It is expected that all participants in the use cases would be properly licensed and registered. In addition, use case pilots will start on January 1 with a final report due on June 30 of next year. It’s important to note that participants are responsible for paying their own way during the pilot.

Interestingly, Dilip Rao, a former executive of Ripple, is now the programme director of the CBDC initiative and is overseeing the pilot research. From 2014 to 2019, Rao helped pave the way for the financial sector to embrace Ripple’s XRPL. The eAUD will be built on a permissioned, private Ethereum network, although XRPL use cases are more likely.

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