A multi-stream, multi-agency program of work.
Eleven initiatives, three workstreams, one shared objective - minimise unnecessary barriers and help industry safely move from ideation to commercialisation. Below is the full set, exactly as outlined in Chapter 7.
Regulatory workstream
Intensify engagement between regulators and industry; resolve legal/regulatory barriers to responsible innovation.
Inter-agency Regulator Working Group
Ongoing forum across RBA, APRA, ASIC and Treasury to identify, analyse and resolve regulatory challenges relating to tokenisation.
Exploration of a DFMI sandbox
RBA + ASIC + DFCRC will explore a stage-gated, longer-term sandbox specifically for tokenised finance and digital FMIs - distinct from ASIC's general ERS.
Tokenised government bond initiative
Explore digitally native tokenised government bonds with central borrowing authorities. Could catalyse broader collateral mobility and repo innovation.
C-suite roundtable
Executive-level forum on the future of tokenised finance - aligning on priorities and international context.
Industry workstream
Help industry overcome coordination challenges that have stymied wholesale-market dynamism.
Joint Regulator-Industry Tokenisation Advisory Group
The Acacia IAG reconstituted and expanded - a dedicated advisory forum and coordination body for industry priorities on tokenisation. EOIs to be invited.
Extension of the DTWG
Continue exploring interoperable deposit tokens, with renewed call for participation to include banks not in Acacia. DFCRC continues to chair.
Other industry working groups (as required)
Support deep-dive working groups on specific issues - particularly where coordination across the industry is essential (e.g. interoperability mechanisms).
RBA workstream
Continue analysis of how new forms of money and settlement infrastructure could crystallise efficiency and resilience benefits.
Industry consultation on tokenised money + RITS
Explore RITS capabilities - synchronised settlement, token interchange, new uses of ESAs. Feeds into broader RITS modernisation work.
Review of ESA policy
Assess whether the RBA's current ESA policy and account structures remain fit for purpose after the payment service provider licensing reforms pass.
Further applied research on wCBDC
Continue applied research, including potential provision of pilot wCBDC into the DFMI sandbox for appropriate use cases.
Cross-border payments exploration
Work with international and domestic partners on how tokenised money and new RTGS uses could enhance the speed and safety of cross-border payments.
Comments + feedback go to the RBA directly.
Planning and preliminary engagement has already commenced on many initiatives. All comments can be directed to the project team.
Build with rem