Deep Tide TechFlow news, on July 10, reported by The Block, the Reserve Bank of Australia (RBA) announced on Thursday that its key project 'Project Acacia' is entering the next phase of testing, which will explore how crypto assets and central bank digital currencies (CBDC) can support the development of the country's wholesale tokenized asset market.
The project plans to test 24 use cases in the next phase, with participants including fintech companies and major banks such as Commonwealth Bank of Australia, ANZ Bank, and Westpac Bank. The testing will cover various settlement assets, including stablecoins, bank deposit tokens, and a pilot wholesale CBDC.
The Australian Securities and Investments Commission (ASIC) stated it will provide regulatory flexibility for project participants to test tokenized asset trading. The project is a joint initiative between the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre, and is an important part of the Australian government's 'fit-for-purpose' digital asset framework.