The Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research
Centre (DFCRC) today
published a consultation paper which seeks industry feedback on a new
research initiative,
Project Acacia.
This project will explore how different forms of digital money and associated
infrastructure could support the development of wholesale tokenised asset markets in
Australia. It was flagged in the roadmap set out in the recent joint RBA-Treasury
paper and related speech on central bank digital currency (CBDC) and the future of
digital money in Australia.
The consultation paper seeks expressions of interest from industry in participating
in an experimental research phase for Project Acacia, and in joining an Industry
Advisory Group for the project. Input is also sought on the technical and functional
capabilities of new forms of settlement infrastructure and digital money, including
wholesale CBDC and tokenised bank deposits, that could promote well-functioning
tokenised asset markets and stability in the financial system. Responses to the
consultation paper are requested by Wednesday 11 December 2024 via
projectacacia@rba.gov.au.
Brad Jones, Assistant Governor (Financial System) at the RBA said, Shaping the
future of money in Australia is a strategic priority of the RBA and the Payments
System Board. The RBA, alongside the DFCRC, are seeking to engage with industry
partners on Project Acacia to examine how innovation in wholesale markets could be
enabled by new forms of digital money and supporting infrastructure. The role that
tokenised asset markets could play in improving the efficiency and resilience of
wholesale payments and settlements, and in enhancing cross-border payments, are
areas of particular interest. Our overarching aim here is to help address the larger
question of how innovation in our financial system can best support the Australian
economy in the digital age.
