Novatti and AUDD take part in CBDC pilot

The Novatti Group, a top-tier fintech that enables businesses to pay as well as be paid, is extremely proud to make its formal announcement about its participation, along with AUDD, in a CBDC pilot project. This will be a research-based initiative to examine potential use cases and financial benefits of a Central Bank Digital Currency (CBDC) in Australia. This was conceptualized by the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC). Novatti will take part independently in a limited-level CBDC pilot project.

The role of Novatti in this situation will be to deliver a substitute stablecoin, which goes by the name of eAUDD. This happens to be an Australian dollar stablecoin, which will have the backing of 1:1 from a pilot CBDC program delivered by the Reserve Bank of Australia. This will provide the opportunity for customers to authenticate the reserves themselves. Only invited attendees will be capable of receiving eAUDD on the Stellar blockchain. Here, it can be utilized for buying a non-fungible token (NFT) for carrying out donations for charity.

The resultant factor from the eAUDD pilot project will be able to correctly gauge if a stablecoin with 1:1 support from a CBDC can pave the way for further assurances regarding the effectiveness of stablecoins in the minds of customers. A further inclination towards stablecoins could be instrumental in creating more effective safety measures regarding payments, as well as the formation of stricter banking rules and regulations and better financial balance for users.  

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Peter Cook, the CEO of the Novatti Group, says that the fact that they were chosen to take part in this pilot project is an excellent sign. He further adds that the Novatti stablecoin service came into existence with the aim and intention of making it more compliant, safe, and productive. All of this will benefit the CBDC pilot project.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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