Australia central bank sees possible cost savings in tokenisation
© Reuters. FILE PHOTO: A worker is reflected in a wall of the Reserve Bank of Australia head office in central Sydney, Australia, March 1, 2016. REUTERS/David Gray/File Photo
Australia's government on Monday separately outlined proposals for regulating crypto and digital assets that will make platforms subject to existing Australian financial services laws and require platform operators to obtain an Australian Financial Services Licence. Another A$1 billion to A$4 billion could be saved in transaction fees via increased trading volumes and the benefits of atomic settlement, particularly on cross-border payments.The RBA has been studying whether to issue a central bank digital currency of its own and if it would help facilitate atomic settlement in tokenised asset markets.
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