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Reserve Bank Welcomes Digital Finance Cooperative Research Centre Announcement

Summary:
The Reserve Bank has welcomed the announcement that the Digital Finance Cooperative Research Centre (CRC) has been selected to receive funding under the CRC Program administered by the Ministry of Industry, Science and Technology. The program provides funding for medium- to long-term, industry-led research collaborations. The Reserve Bank is participating in the Digital Finance CRC as part of work on the Bank's strategic focus area of supporting the evolution of payments. The Digital Finance CRC brings together more than 20 organisations in the finance industry, ranging from recently established fintechs to large established organisations including the Reserve Bank, as well as academics from numerous Australian universities. It has been

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The Reserve Bank has welcomed the announcement that the Digital Finance Cooperative Research Centre (CRC) has been selected to receive funding under the CRC Program administered by the Ministry of Industry, Science and Technology. The program provides funding for medium- to long-term, industry-led research collaborations. The Reserve Bank is participating in the Digital Finance CRC as part of work on the Bank's strategic focus area of supporting the evolution of payments.

The Digital Finance CRC brings together more than 20 organisations in the finance industry, ranging from recently established fintechs to large established organisations including the Reserve Bank, as well as academics from numerous Australian universities. It has been established to develop and exploit the opportunities arising from the digitisation of assets so they can be traded and exchanged directly and in real-time between any individual or organisation.

Participation in the CRC will provide the Bank with an opportunity to collaborate with industry and academic partners on tailored longer-term research related to innovations in digital finance, including asset tokenisation, central bank digital currency and regulatory technology. The Bank's involvement in the CRC will be coordinated through the Bank's in-house Innovation Lab, which was established in late 2018 as a way to strengthen engagement with new and emerging technologies that are relevant to the Bank's policy and operational responsibilities.

Reserve Bank Australia
The Reserve Bank of Australia (RBA) came into being on 14 January 1960 as Australia's central bank and banknote issuing authority, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank. The bank has the responsibility of providing services to the Government of Australia in addition to also providing services to other central banks and official institutions. It currently consists of the Payments System Board, which governs the payments system policy of the bank, and the Reserve Bank Board, which governs all other monetary and banking policies of the bank.

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