The Central Bank of Australia will test the national crypto asset on the Ethereum platform

Australia’s main financial regulator has decided on the platforms on which the country’s digital currency will be tested. Commonwealth Bank, National Australia Bank, Perpetual, as well as Ethereum studio ConsenSys will conduct tests before the end of this year, after which a detailed report will be issued.

The project will include the development of a proof of concept (POC) to create a tokenized form of a national cryptoasset that can be used by market participants to finance, settle and repay a loan based on Ethereum, according to the Reserve Bank of Australia website.

“Our main task is to study the impact of CBDC on efficiency, risk management and innovation in operations in the wholesale financial markets. While the possibility of using digital assets remains an open question, we are pleased to work with industry partners to recognize the role of digital currencies in the Australian payment system, ”said the regulator.