The Reserve Bank of Australia, Treasury and other agencies will oversee research aimed at exploring the potential economic benefits of introducing a central bank digital currency (CBDC) in Australia, a project expected to run for about a year, the central bank said, according to Bloomberg. Work will involve developing a "limited-scale pilot that will be run in a closed environment for a period of time." Australia will invite interested industry players to develop specific use cases demonstrating how digital currencies can be used to provide innovative and value-added payment and settlement services to households and businesses, and a paper will be published in the coming months explaining the project in more detail. goals and methods.