The Reserve Bank of Australia (RBA) released a report on its two-year research project on wholesale central bank digital currencies (CBDCs), highlighting the benefits of digitizing and empowering banks. Paper-based manual banking processes using Distributed Ledger Technology (DLT).
The report marks the conclusion of the two-year project called “Project Atom”, which was carried out in collaboration with the Commonwealth Bank of Australia (CBA), the National Australia Bank (NAB), Perpetual and ConsenSys, along with additional input from King & Wood Mallesons.
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Commenting on Project Atom, RBA (Financial System) Deputy Governor Michele Bullock noted that it “demonstrated the potential of a wholesale CBDC and asset tokenization to improve efficiency, risk management, and innovation in bank transactions. wholesale financial market “.
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