RBA Shifting Focus on Digital Tokens From If to How, Jones Says

Australia’s central bank has shifted its focus from whether wholesale digital token will play a role in the financial system to how this can be implemented, as it looks to unlock efficiency gains following a pilot project, according to Assistant Governor Brad Jones.

Jones said the goal is to build on earlier work on wholesale digital currencies that highlighted how tokenization — turning money into digital tokens that can be traded on a ledger such as blockchain — together with upgrades to payments infrastructure, could improve efficiency across financial markets.