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On Thursday, the Australian Reserve Bank announced the selection of 24 industry participants for the next phase of its test initiative for the Central Bank digital currency (CBDC).
The Six -month -old pilot It will perform 19 transactions in real money and five simulations of evidence of concept across multiple asset classes, including fixed income, private markets, business claims and carbon credits.
The settlement will appear through various digital assets, including stablecoins, bank deposits and pilot wholesale CBDC deployed on platforms such as Hedera, RedBelly Network, R3 Corda and Canvas Connect.
The Australian Securities and Investment Commission has granted regulatory relief to facilitate testing and the project is expected in the first quarter of 2026.
ASIC allows CBDC testing in real money through regulatory relief
Regulatory assistance allows participants to carry out tokenized assets by CBDC between financial institutions without standard licensing requirements during the pilot period.
Asic Kate O’Rouke Commissioner noted that the auxiliary tool will allow wholesale market testing that could potentially increase efficiency and promote economic growth.
Selected participants include the main Australian banks such as Commonwealth Bank, ANZ and Westpac, along with specialized companies such as Australian bonds, Fireblocks and Zerocap.
Brad Jones, assistant Governor for the financial system in the RBA, emphasized the strategic importance of ensuring that the Australian monetary arrangement remains suitable for purposes at digital age.
Jones described the Acacia project as’Opportunity for further cooperation with the market research with tokenized assets and the future of money public and private sector in Australia,“With cases designed to help RBA better understand innovation in the central bank and private digital money.
Professor Talis Putns of the Digital Finance Cooperative Research Center also emphasized the potential economic impact.
He referred to a recent research suggesting that potential economic profits on markets and cross -border payments could reach $ 19 billion a year.
Australia follows the wholesale strategy of CBDC in the middle of the global race in digital currency
The Acacia project builds on Australia Decision September 2024 Prefer to the wholesale development of CBDC over retail applications due to greater economic benefits.
The initiative is consistent with global trends as 134 countries representing 98% of the global economy examines CBDCAccording to the research of the Atlantic Council.
The CBDC race is warming up. 134 countries now examine digital currencies and cover almost the entire global economy, according to @Atlanticcounkil. https://t.co/ddzg7b7zqb
– Cryptonews.com (@cryptonews) September 17, 2024
Competitive pressure is particularly evident in the Asian-Tichorate region, where Chinese digital Juan transactions have been reached by June 2024 in 17 regions and 44 countries currently operate CBDC pilot programs on various scales and ambitions.
Cross -border wholesale CBDC projects have more than doubled around the world, with initiatives such as Project Mbridge connecting financial institutions across different jurisdictions.
The Australian comprehensive framework of digital assets involves tokenization, real world assets and CBDC integration in a wider effort to modernize the financial system.
However, challenges remain complicated, as David Lavecky, the canvas leader, previously said Cryptonews that Reserve Bank of Australia’s approach to EAUD’s release is ‘versatile’ With several legal, regulatory and operational obstacles to overcome.
Exclusive: Reserve Bank of Australia’s approach to eaud is “versatile”, says Canvas head David Lavecky. Read the whole story
#Cryptonews #Australia https://t.co/qj5gybasjx
– Cryptonews.com (@cryptonews) 9 October 2023
The organizers described the testing of the actual settlement of Acacia on third -party platforms as the next world first for Australia in the digital financial industry.
Contribution The Australian Central Bank Proceeds Acacia Project to Settle CBDC Asset Settlement He appeared for the first time Cryptonews.
