Central Bank Digital CurrencyWholesale CBDC
A wholesale central bank digital currency (CBDC) would be a digital form of money, issued by the RBA, that is accessible to a limited range of wholesale market participants, such as financial institutions and, depending on the design of this form of money, other large institutions. It would be designed for use in wholesale payment and settlement systems.
The RBA has not made any decision on introducing a wholesale CBDC. We continue to undertake research on the financial market implications of a wholesale CBDC and which markets could derive the most value. We are also investigating private sector innovations that could serve in place of or complement a wholesale CBDC. We have been collaborating with external parties on this research and will continue to do so. Below is a summary of the research we have done on wholesale CBDC so far.
Latest research project
Project Acacia
This joint research project involving the RBA and the Digital Finance Cooperative Research Centre (DFCRC) explored how different forms of digital money and associated infrastructure could support the development of wholesale tokenised asset markets in Australia.
The Consultation Paper (November 2024) outlines the project’s initial research, proposed approaches, and questions posed to industry participants.
Download the Consultation PaperThe Final Report (May 2026) presents the project’s final findings and insights on how digital money and supporting infrastructure could enable wholesale tokenised asset markets in Australia.
Read the Final ReportPrevious research projects
Australian CBDC Pilot for Digital Finance Innovation
This joint project involving the RBA and DFCRC explored use cases for a CBDC in Australia and provided an opportunity to further the RBA’s understanding of some of the technological, legal and regulatory considerations associated with a CBDC.
The Collaboration Announcement (June 2021) introduced the collaboration between the RBA and the DFCRC.
Read the Media ReleaseThe Commencement Announcement (August 2022) marked the launch of the joint CBDC research project.
Read the Joint Media ReleaseThe White Paper (September 2022) outlined the Australian CBDC Pilot for Digital Finance Innovation.
Download the White PaperThe Project Report (September 2023) detailed the outcomes, insights, and learnings from the Australian CBDC Pilot for Digital Finance Innovation.
Download the Project ReportProject Dunbar
This joint project was a collaboration between the BIS Innovation Hub, the RBA, Bank Negara Malaysia, Monetary Authority of Singapore and the South African Reserve Bank. It explored whether using a shared distributed ledger technology platform for issuing multiple wholesale CBDCs could improve the efficiency, speed and transparency of cross-border payments.
The Project Dunbar website provides details about the project.
Visit the Project Dunbar websiteThe Project Dunbar Report (March 2022) presented comprehensive findings and conclusions.
Read the Project Dunbar ReportThe Announcement issued alongside the release of the Project Dunbar report.
Read the Media ReleaseProject Atom
This joint project was a collaboration between the RBA, National Australia Bank, Perpetual and ConsenSys, with input from King & Wood Mallesons. It involved developing a proof of concept for issuing a tokenised form of CBDC that could be used by wholesale market participants for the funding, settlement and repayment of a tokenised syndicated loan on an Ethereum-based distributed ledger technology platform.
The Project Atom Report (December 2021) presented findings from the project, exploring the use of a wholesale CBDC for settlement in Australia.