Australia ‘nearly on the podium’ globally as RBA drives digital asset future
RBA assistant governor Brad Jones told Capital Brief that new consultations and working groups will be convened to facilitate stablecoin innovation. But scaling could take up to 20 years.
Reserve Bank of Australia assistant governor Brad Jones has stressed the need for financial regulators to support stablecoin and tokenised asset adoption to ensure potential benefits aren’t hurt by market concentration.
Jones told Capital Brief on Monday that wholesale financial markets have faced “less dynamism and less competitive tension” as he outlined a suite of new collaborative reform mechanisms in the final report for the central bank’s Project Acacia pilot program.
“This type of disruption is either going to happen to us or we can make it work for us, and we want to make sure the country is well positioned ... both for issuers and investors,” Jones said.
The RBA and the Digital Finance Cooperative Research Centre’s (DFCRC) tokenised assets pilot program verified the “efficiency, liquidity, resilience and transparency benefits” of the technology, according to the final report.
