Australia Initiates Crypto Research Program

According to the most recent data on crypto usage enthusiasm, Australia is interested in utilizing digital assets. As a result, Australia’s government has begun investigating digital asset prospects. This program, which was recently launched, seeks to position the government to gain from asset digitization.

“Digital Cooperative Research Initiative (DFCRC)” is the name of the research program. Stephen Jones, Assistant Treasurer and Minister of Financial Services, officially launched it. Paul O’Sullivan, chairman of Australia and New Zealand Banking Group LTD, also attended the occasion.

During the inauguration, Stephen Jones stated that the reason for collaborating with regulators is to guarantee that everything runs well. Furthermore, the body intends to make the ecosystem secure for future advances.

The project has a total budget of 180 million AUD. According to the information available, the funding sources are universities, the Australian government, and industry partners. The DFCRC initiative will last ten years and have up to 25 partners. It has assembled partners from the central bank, finance, regulation, and academia.

Given the government’s interest in taking advantage of digital asset prospects, the Australian central bank has already begun discussions with DFCRC. The two organizations have joined forces to investigate the feasibility of developing a CBDC and how it can improve financial transactions.

No wonder Australia has started an official program to explore opportunities in digital assets. Currently, the country is considered a stable and friendly jurisdiction for blockchain and the operation of digital businesses.

The government is always open to technological innovations starting from its acceptance of fintech and diverse innovations. Moreover, many crypto exchanges are also allowed to operate within its shores, indicating great support for the industry.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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