RBA and DFCRC Joint Consultation Paper Project Acacia – Exploring the role of digital money in wholesale tokenised asset markets


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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.’