Australia's Central Bank Begins Testing Its Own Digital Currency
Date: 2025-07-11 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
A new project by the Reserve Bank of Australia (RBA) will test 24 use cases for a digital Australian dollar in collaboration with leading fintech companies and Australia's largest banks — the Commonwealth Bank of Australia, Australia and New Zealand Banking Corporation (ANZ) and Westpac Banking Corporation. The testing will take place on the Redbelly Network, Hedera, R3 Corda and other platforms that support the Ethereum Virtual Machine (EVM).
The pilot will focus on how digital currency, stablecoins and tokenised bank deposits can be used to settle a variety of financial instruments, including fixed income bonds, private market assets, receivables and carbon credits. The trials kicked off on July 10 and will last for six months, with the results promised to be published in the first quarter of 2026.
RBA Deputy Governor Brad Jones stressed that the Acacia project creates a unique opportunity for public and private sectors to collaborate in studying the tokenized asset market. According to him, the tests will provide a deeper understanding of how a digital currency can improve the national payment infrastructure and increase the efficiency of financial markets.
The Acacia initiative was launched with the participation of the Digital Finance Research Co-operative Centre (DFCRC) and is supported by the Australian Securities and Investments Commission (ASIC).
Previously, representatives of the Central Bank of Australia noted that a digital Australian dollar could be a useful tool for social groups that often face limited access to banking services, such as tourists, international students and victims of domestic violence.
The launch of the pilot therefore demonstrates the commitment of Australian regulators and the financial sector to adapt to digital innovation and create a more inclusive financial system for all segments of the population.
Ahead lies six months of intensive testing and analysis, which will likely set the tone for the further development of digital currencies and financial technologies in the country.
