RBA Kicks Off Digital Money Trial in Financial Markets

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RBA Kicks Off 6-Month Trial of Digital Money in Finance Markets

Written by Aaron S.,

Editor-In-Chief

Last Updated: July 10, 2025

Key Takeaways

The RBA launched a six-month trial to test digital currencies in 24 finance-related use cases;
Major banks like CBA and ANZ will explore digital solutions for repo markets and bond settlements;
ASIC granted rule exemptions to allow digital assets outside current laws to be safely tested in the pilot.

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RBA Kicks Off 6-Month Trial of Digital Money in Finance Markets

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The Reserve Bank of Australia (RBA) has begun a new round of trials to explore how digital currencies could support the country’s financial systems.

As part of the second phase of Project Acacia, the RBA is working with the Digital Finance Cooperative Research Centre.

According to a statement published on July 10, this stage will run for six months and include local startups and major banks. The group will test 24 use cases, 19 of which will use actual funds and 5 that will rely on simulated transactions.

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These tests will cover various areas, such as fixed-income trading, private investment markets, carbon credits, and supply chain financing.

Stablecoins, digital tokens representing commercial bank deposits, and a central bank digital currency (CBDC) will be used in the pilot.

Among the participants are three of Australia’s biggest banks, Commonwealth Bank (CBA), ANZ, and Westpac. CBA is working with JPMorgan to examine how digital tokens and records of collateral can improve repo market operations.

ANZ will focus on two specific tests. One aims to improve the way businesses manage outstanding payments to suppliers using tokenized trade receivables. The other will explore how a CBDC could be used to settle bond transactions with less risk and greater speed.

The Australian Securities and Investments Commission (ASIC) has given limited exemptions from certain regulations. These exemptions apply to digital assets that do not yet fall under existing financial rules.

Meanwhile, South Korea’s central bank, the Bank of Korea (BOK), recently paused phase two of its CBDC trial. What happened? Read the full story.