Australia Central Bank Prioritise Wholesale CBDC Over Retail
RBA’s Project Acacia aims to advance wholesale CBDCs, explore tokenized deposits, and support financial innovation with regional banks.
The Reserve Bank of Australia (RBA) has announced that it will prioritize developing a wholesale central bank digital currency (CBDC) rather than a retail version.
In a speech on September 18 at the Intersekt Fintech Conference in Melbourne, RBA Assistant Governor Brad Jones revealed that the central bank’s plan for the next three years is to work on wholesale CBDCs and the necessary infrastructure.

Jones stated that the RBA’s research showed a retail CBDC would not bring significant benefits to the Australian public. Instead, the focus will be on a wholesale CBDC, which promises advantages such as reducing counterparty and operational risks, improving transparency and auditability, and cutting down on costs related to intermediaries and compliance.
The RBA’s immediate goal is to advance Project Acacia, which explores the potential of wholesale CBDCs and tokenized bank deposits. This project will build on previous research and look into cross-border applications with regional central banks. It also aims to establish advisory forums and support financial innovation through regulatory sandboxes.
Jones noted that the RBA is concerned with the opportunities of asset tokenization and the use of blockchain and smart contracts in financial processes. He stressed that smart contracts could enhance the effectiveness of transactions by minimizing risks and untying the collateral.
Globally, 134 countries, covering 98% of the world’s GDP, are exploring central bank digital currencies, with 66 countries already in advanced stages of development or pilot testing.
The new direction of the RBA to issue and promote the use of wholesale CBDCs can be seen as a strategic move to promote financial stability and efficiency. This shift is a rational one to focus on significant economic advantages rather than minor variations in the retail market.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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