The Payments System Board expressed support for an ongoing program of work, supported by public-private collaboration, to promote innovation in Australia's wholesale payments and financial market infrastructure, according to a Thursday statement by the Reserve Bank of Australia.

The Project Acacia final report will be published in late April. Project Acacia is a joint research project between the Reserve Bank of Australia and the Digital Finance Cooperative Research Center to explore how different forms of digital money and associated infrastructure could support the development of wholesale tokenized asset markets in Australia.

The board noted the potential benefits that could be unlocked by the growth of tokenized asset markets and acknowledged the barriers to the development of tokenized asset markets in Australia.