25 leading Australian institutions came together to launch a research program to capitalize on the opportunities arising from the digitization of assets.
Australia Allocates $124M for Digital Asset Research
The Digital Finance Collaborative Research Center (DFCRC) is an AUD 180 million ($124.3 million) program funded by industry partners, universities and the Australian Government.
The 10-year program will include 25 partners from the finance, academia and regulatory sectors, including the central bank.
Philip Lowe, Governor of the Reserve Bank of Australia, was present at the opening along with Paul O’Sullivan, Chairman of Australia & New Zealand Banking Group Ltd (ANZ).
Earlier this month, the Reserve Bank of Australia teamed up with the DFCRC to research use cases for a central bank digital currency (CBDC).
On Monday, the country’s Deputy Assistant Secretary of the Treasury and Financial Services Minister Stephen Jones officially launched the DFCRC on the Australian Stock Exchange.
“We want to get the regulation right because we want to ensure that the security barriers are wide enough to allow innovation to take place within a safe ecosystem,” Jones said.
Sullivan of company ANZ said this new hub could result in a tokenized carbon exchange that could deliver market efficiency.
Country officials around the world have recently cryptocurrencies It organizes various meetings to take advantage of the blockchain technology that feeds it. Finally, the Central Bank of Brazil decided to support a DeFi project.
*Not investment advice.
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