According to Foresight News, the Reserve Bank of Australia (RBA) has announced that its key project 'Acacia Project' is entering the next phase of testing to explore how crypto assets and central bank digital currencies can support the development of the country's wholesale tokenized asset market. The next phase will trial 24 use cases, with participants including fintech companies and large banks.
The Acacia Project is a joint initiative by the Reserve Bank of Australia (RBA) and the Centre for Digital Finance Cooperation Research. The project is also supported by the Australian Securities and Investments Commission (ASIC). Pilot participants include several major Australian banks such as the Commonwealth Bank of Australia, Australia and New Zealand Banking Group, and Westpac Banking Corporation.