• Novatti has been given the approval to join the CBDC pilot test program by the Reserve Bank of Australia (RBA).
• The pilot test will feature Stellar Lumens and its stablecoin eAUDD which is backed 1:1 by the digital Australian Dollar.
• The focus of this test is to see whether a stablecoin pegged to a fully backed CBDC can bolster customer confidence as it relates to stablecoin.
Reserve Bank of Australia Tests Central Bank Digital Currency
The Reserve Bank of Australia (RBA) is planning on conducting a pilot test for its Central Bank Digital Currency (CBDC). Novatti, a major partner of Stellar Lumens, has been approved for joining this pilot program.
Features of Pilot Test Program
As part of the project, Novatti will be issuing a stablecoin known as eAUDD which will be fully backed by the RBA and pegged 1:1 with the digital Australian Dollar. This stablecoin will allow users to verify the reserve of the CBDC in order to provide transparency across the board. It also has some spending powers and users can make use of it to purchase non-fungible tokens (NFTs) in order to make charitable donations.
Focus Of Pilot Test
The main objective behind this pilot test is to examine if having a stablecoin pegged with a fully-backed CBDC could encourage customers’ trust when it comes to using stablecoins. Many central banks all over the world are researching different possibilities related to CBDCs due to their cheaper and faster alternative compared with fiat currency notes. In addition, private industry players are being involved in expanding these projects’ scope in order to better understand their utilities through real-world use cases.
Stellar Lumens Involved In Pilot Test
Stellar Lumens‘ blockchain protocol is making impressive progress towards customizing payments solutions and Novatti’s involvement in this project proves this point even further. As mentioned earlier, Novatti’s role in this project will involve issuing eAUDD which is powered by XLM’s technology and features numerous benefits that come with it such as faster transactions times and cost efficiency compared with traditional payment systems.
Conclusion
This pilot testing by RBA shows how central banks are taking advantage of cryptocurrencies for faster alternative payment solutions while still maintaining user privacy features intact at all times. With Novatti onboarding into this project, along with other participants like DFCRC, we may soon get more insights into how stellar lumens can significantly contribute towards creating an efficient payment system that anyone can access from anywhere around the world regardless of their location or financial status
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