Major banks will begin digitising contracts that govern their debt financing, and explore trading and settling money market transactions using blockchain technology, in a project that Imperium Markets and the Digital Finance Co-operative Research Centre (DFCRC) will launch in the coming months.
The move is an example of the “tokenisation” of financial assets – in this case, wholesale bank deposits – which has been identified by the Reserve Bank as one use for a digital version of the Australian dollar, the eAUD.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
