The Reserve Bank of Australia has announced a new phase of Project Acacia aimed at exploring the potential of digital currencies and their influence on the country's financial markets.
Project Acacia Enters Next Phase
The Reserve Bank of Australia (RBA) in collaboration with the Digital Finance Cooperative Research Centre (DFCRC) has initiated a new phase of Project Acacia. The project, which started last November, investigates the impact of digital currencies on wholesale asset markets. As part of this new phase, 24 use cases for digital currencies have been selected, with 19 involving real financial transactions and 5 conducting tests using simulated transactions.
Trials on Multiple Blockchain Platforms
The trials under the project will cover various asset types including bonds, private markets, and carbon credits. The RBA will test stablecoins, bank deposit tokens, and a pilot version of central bank digital currencies (CBDCs). The testing will take place across multiple blockchain platforms, including Hedera, Redbelly Network, and R3 Corda.
Regulatory Measures from ASIC
The Australian Securities and Investments Commission (ASIC) has offered regulatory relief for companies participating in Project Acacia, facilitating easier participation. Among the partners are also major banks like Commonwealth Bank and J.P. Morgan who are exploring ways to improve efficiency and liquidity with digital assets.
Project Acacia pushes Australia forward in the field of digital currencies, providing a platform for research that aims to enhance financial processes. Test results are expected to be presented in the first quarter of 2026.
