The Reserve Bank of Australia (RBA) Will explore the development of wholesale assets markets alongside a range of industry participants.
“Project Acacia” will use Stablecoins, Central Bank digital currency by wholesale (CBDC) And bank deposit tokens in 24 cases of use of tokenization of a range of asset classes, such as fixed income securities and private markets.
The tokenization refers to the process of reducing assets such as obligations and actions as tokens that can be purchased, sold and negotiated on blockchains, in order to make the processes faster, cheaper and more transparent.
The Australian Commission on securities and investments (Asic) Also provides regulatory reductions in order to rationalize the pilot, which will involve the test of tokenized assets between participants and other selected financial institutions, the RBA announced on Thursday.
The CBDC emission in large pilot to test the use cases will take place on different blockchain platforms, such as Hedera and R3 Corda.
Participants in the Acacia project include Fire blocks (ANZ) and Westpac.
The project is a sign of the Australian government’s plans to integrate digital assets into its economy during practice.
The Australian Treasury published a white paper in March, describing how the government planned to adopt tokenization, real assets and large CBDCs to make financial markets more effective.
