Stephen Jones, who is the Assistant Treasurer and Minister for Financial Services, started the digital asset program at the Australian Securities Exchange on Monday.
Twenty-five of Australia’s most important institutions has joined forces to start a research program that will take advantage of the opportunities that come with the digital asset.
The Digital Finance Cooperative Research Center (DFCRC) is a 124.3 million Australian dollar ($180 million) program that is paid for by industry partners, universities, and the Australian government. The central bank will be one of 25 partners in the 10-year program. These partners come from the finance, academic, and regulatory fields.
Philip Lowe, the head of the Australian central bank, and Paul O’Sullivan, the head of Australia & New Zealand Banking Group Ltd, were both there (ANZ). This month, the Australian central bank began working with the DFCRC to find out how a central bank digital currency could be used (CBDC).
The Assistant Treasurer and Minister for Financial Services, Stephen Jones, made the DFCRC official at the Australian Securities Exchange on Monday.
Jones said, “We want to get the rules right because we want to make sure the guardrails are wide enough to let innovation happen in a safe ecosystem.”
ANZ’s Sullivan said that this is a new chance where a tokenized carbon exchange could make the market work better.