Australia’s central bank has completed it’s pilot of a central bank digital currency (CBDC) exploring use cases for a potential e-AUD, finding its useful in four main areas including enabling complex payments and asset tokenization.

The Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC) unveiled their findings in an Aug. 23 report that also detailed a number of cases where a CBDC wasn’t exclusively required to achieve the stated use case.

We’ve released a report with the Digital Finance CRC @DigiFinanceCRC today on the findings from an Australian central bank digital currency pilot.https://t.co/k3Zn0VFbwG #RBA #CBDC #Payments #DigitalPayments #Blockchain #FinTech pic.twitter.com/N3mp1ID6gd

— Reserve Bank of Australia (@RBAInfo) August 23, 2023

The pilot found four primary areas which could be improved by a CBDC including the enablement of “smarter” payments where a tokenized CBDC enabled a range of complex payment arrangements that were not currently supported by existing payment systems.

Additionally, the report detailed that a CBDC may support financial markets innovation such as debt securities markets, promoted innovation in emerging private digital money sectors and enhanced resilience and inclusion within the wider digital economy.