The Reserve Bank of Australia, Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys, with input from King & Wood Mallesons, today jointly released a report to mark the successful conclusion of Project Atom.
Project Atom was a collaborative research project undertaken during the past year that examined the potential use and implications of a wholesale form of central bank digital currency (CBDC) using distributed ledger technology (DLT). The project involved the development of a proof-of-concept (POC) for the issuance of 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 DLT platform. The project explored a number of issues, including:
- how access to a CBDC could be extended to a wide range of wholesale market participants, including those that would not ordinarily have access to accounts at the Reserve Bank
- the potential benefits of integrating a wholesale CBDC with tokenised assets on interoperable DLT platforms
- whether an enterprise-grade DLT platform could be a viable technology for a wholesale CBDC.