Australia has made its first foreign exchange transaction using eAUD as part of a live pilot for the country’s potential central bank digital currency (CBDC). The pilot program was launched by the Reserve Bank of Australia (RBA) in conjunction with the Digital Finance Cooperative Research Centre (DFCRC). The tests explore possible use cases for a CBDC and the benefits of using the CBDC over fiat currencies and existing settlement platforms. The FX trade was settled instantly through a decentralized app on Canvas’ “Connect” which uses Ethereum layer 2 that uses zero-knowledge (ZK) roll-up technology. Other use cases being tested include offline payments, distribution, custody, tax automation, use in “trusted Web3 commerce” and even livestock auctions. Blockchain infrastructure provider Canvas said that using eAUD in tokenized FX settlements could improve transaction times, reduce fees and provide more open access. The successful transaction marks a rising interest from countries around the world in learning about or launching central bank-issued digital currencies.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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