Tokenised Money Publications
Our past work, in collaboration with others, explores a range of topics relating to tokenised money, including tokenised central bank reserves and retail central bank digital currency (CBDC).
Explore our past publications
RBA and Treasury Joint Paper on Central Bank Digital Currency and the Future of Digital Money in Australia
This joint paper involving the RBA and treasury explored digital currency and the future of digital money in Australia.
Download the project reportValuing Safety and Privacy in Retail Central Bank Digital Currency
This paper explores the merits of introducing a retail CBDC in Australia, focusing on the extent to which consumers would value having access to a digital form of money that is even safer and potentially more private than commercial bank deposits.
Zan Fairweather, Denzil Fiebig, Adam Gorajek, Rochelle Guttmann, June Ma and Jack Mulqueeney
Read the paperAustralian 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.
Retail Central Bank Digital Currency: Design Considerations, Rationales and Implications
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.
This paper explored the possible issuance of central bank digital currencies (CBDC), or what might be considered a digital equivalent of banknotes.
Tony Richards, Chris Thompson and Cameron Dark