TechFlow news, July 10 — According to The Block, the Reserve Bank of Australia (RBA) announced on Thursday that its key initiative "Project Acacia" is moving into the next phase of testing, exploring how crypto assets and central bank digital currencies (CBDCs) can support the development of the country's wholesale tokenized asset market.
The project plans to test 24 use cases in this next phase, with participants including fintech companies and major banks such as Commonwealth Bank of Australia, ANZ Bank, and Westpac Banking Corporation. The trials will cover multiple settlement assets, including stablecoins, bank deposit tokens, and a pilot wholesale CBDC.
The Australian Securities and Investments Commission (ASIC) said it will provide regulatory relief for project participants to test tokenized asset transactions. The project is a joint initiative between the RBA and the Digital Finance CRC, and forms a key part of the Australian government's "fit-for-purpose" digital asset framework.
