The Reserve Bank of Australia has announced there are still "some years" before the launch of the digital Australian dollar.
The bank has made the announcement after completing the pilot phase, which has lasted from March to July 2023.
The initiative has involved a limited issuance of CBDC to test 16 different use cases by selected industry participants.
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The country's central bank has highlighted previous studies involved a proof of concept, while the current one is the issuance of an actual payment application.
The participants have concluded the national digital currency could potentially benefit Australian households and businesses.
The paper has highlighted the ability to directly control and program a tokenized CBDC, enabling a variety of complex payment mechanisms that are not compatible with existing systems.
According to the regulator, more research is needed to address the legal, regulatory, technical and operational issues related to the CBDC.