Australia’s Tokenization Push Could Cement ‘Even Greater Financial Control’

Key Points

1. The Australian Securities and Investments Commission (ASIC) approved testing for tokenized assets, involving major banks and financial institutions.

2. The project, named 'Project Acacia,' includes 19 pilots using real-money transactions and existing exchange settlement accounts at the Reserve Bank of Australia.

3. The initiative supports blockchain networks like Hedera, Redbelly Network, R3 Corda, and EVM-compatible networks.

4. Critics argue the project favors centralized, permissioned blockchain solutions over open, permissionless innovations like Bitcoin.

5. The project is part of Australia's broader strategy for blockchain and digital asset development, as outlined in the Industry roadmap.