Dilip Rao, currently heading the Australian CBDC pilot project, reflected on the possible use cases of the digital currency and its future.
An experienced executive of the blockchain industry, Dilip Rao, recently spoke on the possible use cases of central bank digital currencies (CBDCs). He is currently heading the Australian CBDC pilot project. He was of the opinion that CBDCs could solve problems of the future even though a visible use case might not be available today.
The Digital Finance Cooperative Research Center is presently collaborating with the Reserve Bank of Australia to explore the use case of CBDCs. Dilip Rao is serving as the research program director of the center. Speaking on its present use cases, he said though the current situation doesn’t need an individual to use CBDCs, the future could see institutional organizations using CBDCs.
He said that such institutions could use CBDCs to control risks while trading tokenized assets on major marketplaces. He also thanked the Reserve Bank of Australia and other stakeholders for the Australian CBDC Pilot Conference held in May, which saw several attendees from the industry.
The Australian CBDC pilot project is working on 14 use cases of a digital currency. Rao claimed the test results could only show which applications were feasible. He also spoke about political backing in the matter since CBDCs would need legislative approval in the country.
“You have to go through […] Solving those problems, whether with technology or with legislation, to make sure that people were comfortable with what you were doing,” he said, referring to public consultations.