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<ol> 
 <li>Australia has removed 1 billion Australian dollars from circulation in the last 12 months.</li> 
 <li>Late in July, Australia completed its CBDC pilot led by a former Ripple head.</li> 
 <li>The CBDC trial was participated in by government and banking and finance leaders in the country.</li> 
</ol> 
<p>Reports stated that Australia is expediting processes to become a cashless society. In the last 12 months, more than 1 billion Australian dollars (AUD) have been removed from circulation.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1e6-1f1fa.png" alt="🇦🇺" class="wp-smiley" style="height: 1em; max-height: 1em;"> Australia is going “cash free” <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>The government has already removed $1 billion in cash from circulation this year <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f62e.png" alt="😮" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>Paving the way for a <a href="https://twitter.com/hashtag/CBDC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#CBDC</a> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br> <a href="https://t.co/KAGlLWfTpI" rel="noopener noreferrer nofollow">pic.twitter.com/KAGlLWfTpI</a></p>— Bitcoin News (@BitcoinNewsCom) <a href="https://twitter.com/BitcoinNewsCom/status/1687822065951240192?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 5, 2023</a> 
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<p>The news was announced more than 1 week after Australia completed its pilot of a central bank digital currency (CBDC) spearheaded by Dilip Rao, the former Global Head for Infrastructure Innovation of Ripple.</p> 
<p>According to Rao, all 15 use cases of the CBDC were tested successfully. The eAUD pilot involved active participation from various government sectors, including the Reserve Bank of Australia, corporate regulator ASIC, and anti-money laundering regulator AUSTRAC.&nbsp;</p> 
<p>In addition to these government entities, major banks like the Commonwealth Bank of Australia (CBA) and the Australia and New Zealand Banking Group (ANZ) took part in the pilot and presented several use cases for the eAUD.</p> 
<p>Among the 15 diverse use cases were interoperable CBDC for Web3 commerce, online payments, settlements, distribution, stablecoin proof of reserve, tokenized bills, tokenized securities trading, and offline payments.</p> 
<p>Rao reassured that the results will be made public next month. While blockchain technology was employed for the trial, it was not explicitly stated whether Ripple’s technology was utilized by the team for this venture.</p> 
<h4 class="wp-block-heading" id="h-read-also">Read Also :</h4> 
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 <li><a href="https://cryptonewsland.com/australia-completes-cbdc-trial-headed-by-ex-ripple-head/" rel="noopener noreferrer nofollow">Australia Completes CBDC Trial Headed by Ex-Ripple Head</a></li> 
 <li><a href="https://cryptonewsland.com/australia-takes-slow-and-steady-approach-to-crypto-regulations/" rel="noopener noreferrer nofollow">Australia Takes Slow and Steady Approach to Crypto Regulations</a></li> 
 <li><a href="https://cryptonewsland.com/xrp-fans-allege-upcoming-ripple-adoption-for-australias-cbdc/" rel="noopener noreferrer nofollow">XRP Fans Allege Upcoming Ripple Adoption for Australia’s CBDC</a></li> 
 <li><a href="https://cryptonewsland.com/us-senate-elects-ex-ripple-advisor-as-fed-vice-chair-for-supervision/" rel="noopener noreferrer nofollow">US Senate Elects Ex-Ripple Advisor as Fed Vice Chair for Supervision</a></li> 
 <li><a href="https://cryptonewsland.com/digital-euro-swiss-franc-trial-successful-pound-soon/" rel="noopener noreferrer nofollow">Digital Euro, Swiss Franc Trial Successful. Pound Soon?</a></li> 
</ul> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com/australia-may-soon-launch-its-cbdc-after-successful-trial-led-by-ex-ripple-head/">Australia May Soon Launch Its CBDC After Successful Trial Led by Ex-Ripple Head</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Australia May Soon Launch Its CBDC After Successful Trial Led by Ex-Ripple Head

Crypto News Land

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