The Reserve Bank of Australia (RBA) has moved from discussing whether to introduce tokenisation to an execution phase.

The Block reported that Deputy Governor Brad Jones (브래드 존스) said in a speech on March 25, local time, that adopting tokenisation is not a question of "if" but "how" as he presented results from Project Acacia.

An analysis by the Digital Finance Cooperative Research Centre (DFCRC) said tokenisation technology could deliver annual efficiency gains worth A$24 billion ($16.7 billion) to the Australian economy. The centre forecast even greater results if new markets are created.

Project Acacia reviewed 20 cases using tokenised assets including government bonds, corporate bonds, repos and investment funds. Settlement was conducted through four methods: wholesale central bank digital currency, exchange settlement account balances, stablecoins and deposit tokens.

Jones outlined a scenario in which two forms of private tokenised money take on different roles. Stablecoins would serve a niche role in smaller, new tokenised markets, while deposit tokens that are subject to prudential regulation and supported by central bank liquidity would take a leading role in large markets.

The RBA also pointed to structural issues. It cited network effects that hinder competition and risk aversion stemming from legal and regulatory uncertainty as major hurdles.

The RBA plans to work with the Council of Financial Regulators (CFR), the DFCRC and industry participants to develop responses. It will build a new experimental environment for digital financial market infrastructure to test tokenised assets, money and payment systems, and it plans to review policies on access to exchange settlement accounts if a payment service provider licensing reform bill passes parliament.