RBA's Jones: Beyond Acacia—What Lies Ahead for Innovation in the Financial System?

Introducing Project Acacia: Exploring the Future of Australia's Wholesale Markets

Today, I want to share an early look at the main insights from Project Acacia—our initiative focused on exploring how tokenising assets and money could enhance the efficiency of Australia’s wholesale markets. But before diving into the details, it’s helpful to reflect on the broader historical context.

Major breakthroughs in the movement of assets and money within the global financial system are uncommon. When we examine previous transformative moments, three crucial factors consistently emerge. The first is the presence of a strong economic rationale for innovation—one that can be expanded to satisfy the evolving needs of investors, issuers, and the international financial landscape.