Dilip Rao, a former Ripple executive, is to serve as the program director of the Australian central bank digital currency (CBDC) pilot project, according to the whitepaper for the Australian CBDC Project released a few hours ago, suggesting he will possibly champion the XRP Ledger (XRPL) in his lead role in the CBDC pilot project.
This CBDC project is said to be sponsored by the Reserve Bank of Australia, Australia’s central bank. The new director, Dilip Rao, worked at Ripple, a money-transfer network created to meet the demands of the financial services sector between 2014 to 2019 before he left the company.
Dilip Rao’s actual plan and belief in XRPL, as well as his appointment as the director of the Australian central bank digital currency (CBDC) pilot project, can be traced back to a key statement he made at the Blockchain Venture Summit.
“First, get banks connected on RippleNet to settle with fiat”
“Then get them to source liquidity using XRP”
“Then get them to hold XRP directly “
The project aims to enhance the welfare of Australians by providing new economic and social value by utilizing the emerging tokenized economy by providing CBDC, digital money issued as a central bank liability.
The project also seeks to test the CBDC that the Reserve Bank of Australia (RBA) issued as a liability, investigating wholesale and retail use cases. The Australian CBDC’s rationale will be evaluated using use case submissions made by industry participants.
A small number of these use cases will also be chosen for pilot operation, as mentioned in the whitepaper, where quick implementation is feasible.
Furthermore, the Reserve Bank of Australia-sponsored CBDC project will identify and understand novel business models, advantages, risks, use cases, and operational models for an Australian CBDC. It is anticipated that testing its business models and use cases will benefit industry participants.
