The Reserve Bank of Australia (RBA) has launched Project Acacia, a three-year initiative that explores the benefits of tokenizing assets and using a central bank digital currency (CBDC) for settlement. The RBA is seeking public feedback and expressions of interest from industry participants for an experimental research phase of the project. The central bank is particularly interested in the technical and functional capabilities of settlement infrastructure and digital money, including wholesale CBDC and tokenized bank deposits. The RBA believes that tokenized markets have the potential to improve efficiency and resilience in payments and settlements and enhance cross-border payments. The project could save Australia's financial markets up to $4 billion annually by tokenizing assets and streamlining settlement through a state-backed digital currency.



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