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Australia Starts Research Program to Explore Digital Asset Opportunities
The Assistant Treasurer and Minister for Financial Services Stephen Jones officially started the program Monday at the Australian Securities Exchange.
Twenty-five prominent institutions in Australia have come together to start a research program to benefit from the opportunities arising from asset digitization.
The Digital Finance Cooperative Research Center (DFCRC) is a 180 million Australian dollar (US$124.3 million) program, funded by industry partners, universities and the Australian Government. The 10-year long program will have 25 partners from the finance, academia and regulatory sectors, including the central bank.
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Australian central bank governor Philip Lowe was present at the inauguration, along with Paul O’Sullivan, chairman of Australia and New Zealand Banking Group Ltd (ANZ). Earlier this month, the Australian central bank entered into a collaboration with the DFCRC to explore use cases for a central bank digital currency (CBDC).
On Monday, Assistant Treasurer and Minister for Financial Services Stephen Jones officially launched the DFCRC at the Australian Securities Exchange.
"We want to get the regulation right because we want to ensure the guardrails are sufficiently wide to enable innovation to occur within a safe ecosystem,” Jones said.
ANZ's Sullivan noted this is a frontier opportunity in which a tokenized carbon exchange could lead to market efficiency.
Read More: Australia to Use 'Token Mapping' as Framework for Crypto Regulation
Amitoj Singh
Amitoj Singh is a CoinDesk reporter focusing on regulation and the politics shaping the future of finance. He also presents shows for CoinDesk TV on occasion. He has previously contributed to various news organizations such as CNN, Al Jazeera, Business Insider and SBS Australia. Previously, he was Principal Anchor and News Editor at NDTV (New Delhi Television Ltd.), the go-to news network for Indians globally. Amitoj owns a marginal amount of Bitcoin and Ether below CoinDesk's disclosure threshold of $1,000.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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