Australia central bank sees possible cost savings in tokenisation

SYDNEY - Australia's central bank on Monday said tokenised money could help save billions of dollars in costs in domestic financial markets, as it studies whether and how to launch a central bank digital currency.

Australia's government on Monday separately outlined proposals for regulating crypto and digital assets that will make platforms subject to existing Australian financial services laws and require platform operators to obtain an Australian Financial Services Licence. Jones, who heads the RBA's financial system division, said tokenisation could deliver hypothetical transaction savings of around A$13 billion a year to issuers in Australia's capital markets, in part through providing increased liquidity.

A wholesale CBDC could also act as a complement to new forms of privately issued digital money, including tokenised bank deposits and asset-backed stablecoins.

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