Imperium Markets chairman Rod Lewis said the pilot follows the Australian Central Bank's experiments with its own digital currency (CBDC) in 2023. Imperium Markets took part in the testing, together with Westpac and Commonwealth Bank. The pilot will last until 2026. The main goal is to reduce risks through the use of blockchain technology.
More than $1 trillion is processed in the Australian money market each year. Many processes rely on manual data entry, where human errors are possible. The ecosystem also suffers from other operational and settlement risks, which can ultimately lead to losses. Problems can be avoided using blockchain, the head of Imperium Markets is sure.
“Blockchain and distributed ledger technologies can simplify many processes in markets. Currently, they are very slow and complex, relying on outdated technology, phone calls, emails, manual processing and spreadsheets,” listed Rod Lewis.
DFCRC CEO Andreas Furche believes that blockchain will provide data transparency for all stakeholders and regulators. The pilot project will also explore the delivery versus payment (DvP) method. It will create digital solutions to improve the efficiency of clearing and settlements between large participants.
According to a study conducted by cryptocurrency exchange Coinbase, asset tokenization will become increasingly popular over time. In November, the Hong Kong financial corporation HSBC and the Chinese company Ant Group successfully tested mutual settlements based on corporate tokenized deposits.
Source: Bits
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