Australia moves closer to cashless society, removing 1B AUD from circulation last year.

This follows a successful CBDC pilot led by Dilip Rao, former Global Head at Ripple.

The CBDC trial involved active participation from government sectors, including the Reserve Bank of Australia, ASIC, and AUSTRAC.

Major banks like CBA and ANZ participated, showcasing diverse eAUD use cases.

The team thoroughly tested and successfully proved all 15 use cases of the CBDC throughout the pilot. The use cases included Web3 commerce, online payments, settlements, stablecoin proof of reserve, tokenized bills, securities trading, and offline payments.

It is still unclear whether the team explicitly used Ripple’s technology for this venture, despite Dilip Rao’s involvement. The results of the pilot will be made public next month.

Australia’s CBDC progress suggests an accelerated journey towards a cashless future.