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Highlights
- Australia's Reserve Bank lauches the second phase of Project Acacia to test stablecoins and CBDCs.
- The ASIC exempts participants from certain regulatory norms.
- This move comes amid growing trend of adopting stablecoins.
Australia’s financial landscape is on the cusp of a major transformation as the Reserve Bank is exploring the possibilities of CBDCs and stablecoins. Pushing forward with Project Acacia, Australia’s central bank is examining the potential applications of digital currencies in wholesale finance. Will Project Acacia be a game-changer for the country’s monetary system?
Australia Explores Future of Money with CBDC, Stablecoin Trials
In the latest development, the Australian Reserve Bank has announced its decision to launch the next phase of Project Acacia, a groundbreaking initiative to test central bank digital currencies and stablecoins. RBA Assistant Governor Brad Jones stated,
Ensuring that Australia’s payments and monetary arrangements are fit-for-purpose in the digital age is a strategic priority for the RBA and the Payments System Board. Project Acacia represents an opportunity for further collaborative exploration on tokenised asset markets and the future of money by the public and private sectors in Australia.
Building on the project’s momentum since its launch last November, the second phase of Project Acacia aims to harness the potential of CBDCs and tokenization to enhance efficiency in Australia’s financial markets. This phase will see a diverse group of participants, including fintech startups and major banks, testing 24 use cases – 19 with real funds and five through simulated transactions. Major players in Australian banking, including Commonwealth Bank, ANZ, and Westpac, are among the key participants in the pilot program.
Notably, this move comes as part of Australia’s wider initiative to foster crypto growth. In April, the country launched a crackdown on 95 companies allegedly involved in pig butchering crypto scams.
Significantly, the Australian Securities and Investments Commission (ASIC) has exempted participants from certain regulatory norms to facilitate testing of assets that fall outside current regulatory frameworks. ASIC Commissioner Kate O’Rourke,
ASIC sees useful applications for the technologies underlying digital assets in wholesale markets. The relief from regulatory requirements that we have announced today will allow these technologies to be sensibly tested—to explore opportunities and identify and tackle risks.
Global Countries Embrace Stablecoins
Australia’s push for stablecoin and CBDCs aligns with the global trend of embracing stable assets. Although the US has shown hesitation towards CBDCs, it is actively exploring stablecoins, as evident from the Senate’s passage of the GENIUS Act.
In addition, countries like South Korea and China are also exploring opportunities for stablecoins. South Korea’s major banks are joining forces to launch a won-backed stablecoin, marking a significant move into digital finance. At the same time, Chinese tech giants JD.com and Ant Group are pushing for central bank approval of yuan-backed stablecoins to challenge the dominance of dollar-linked cryptocurrencies.
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