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The Reserve Bank of Australia is putting its support behind the real-world asset tokenization sector, citing recent analysis that it could contribute 24 billion Australian dollars to the economy per year.
findings from Project Acacia on Wednesday, commenting that tokenized finance and related infrastructure upgrades will be “revolutionary,” according to advocates. from RWA tokenization were on the order of $16.7 billion per year, “and larger still if new markets emerged.” “First, we no longer see the main question as whether tokenization has a future in Australia’s financial system, but rather, how.”that the value of tokenized assets could hit nearly $2 trillion by 2030. The head of Australia’s securities regulator, Joe Longo, in NovemberProject Acacia is the RBA’s collaborative research project run with the Digital Finance Cooperative Research Centre and industry groups.Jones said the RBA will partner with agencies and industry groups to explore a “new digital financial market infrastructure sandbox.”It could also “smooth the path to practical implementation by providing a safe space for the testing and scaling of tokenized money, assets, and new infrastructure in a longer-term, stage-gated environment,” he said, adding that it could be tied in with a CBDC. “The interaction of wholesale CBDC with bank deposit tokens and stablecoins, and the synchronisation of tokenized asset ledgers with RITS , will be particular areas of interest.”Jones concluded that ensuring Australia’s payments, monetary and financial infrastructure arrangements are “fit for purpose” in the digital age is a “strategic priority for the RBA.”to RWA.xyz. The sector has seen huge growth, surging by 234% over the past 12 months despite the broader crypto asset bear market. Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy
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