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07/10 10:20

Australia’s Central Bank is taking the next step i

Australia’s Central Bank is taking the next step in its digital currency journey. On Thursday, the Reserve Bank of Australia (RBA) announced a new trial to explore how digital money could improve Australia’s wholesale tokenised asset markets.

Project Acacia is a joint effort between the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC). It is also backed by ASIC, APRA, and the Australian Treasury.

Project Acacia Enters Next Phase

As part of the project, the RBA will test stablecoins, digital bank deposits, and a trial version of CBDCs. The project started last November with the Digital Finance Cooperative Research Centre, and it aims to explore how new technology can make finance faster, safer, and more efficient.

Project Acacia is entering its next phase with 24 use cases selected from a mix of participants, including fintech startups and major banks. Of these, 19 will involve real money and asset transactions, while 5 will be proof-of-concept trials using simulated transactions. Brad Jones, Assistant Governor (Financial System) at the RBA, said-

“The use cases selected in this project will help us to better understand how innovations in central bank and private digital money, alongside payments infrastructure, might help to uplift the functioning of wholesale financial markets in Australia.”

Trials to Run on Multiple Blockchain Platforms

The use cases cover various asset types, including bonds, private markets, trade receivables, and carbon credits. They will explore the use of stablecoins, bank deposit tokens, a pilot wholesale CBDC, and new ways of using banks’ existing exchange settlement accounts at the RBA

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