Transcript of Question & Answer Session Anti-fragility and the Financial System

one more from the audience here. Who is regulating crypto and other specific crypto under scrutiny? May not want to name names.

Brad. Brad, you’ve been off the hook so far. You take this one.

Yes. To be clear, we don’t regulate, crypto. But, what I can say is that, licensing. So first of all, crypto already falls under, ASIC’s remit, but there are some very important, reforms, licensing reforms that, in train know that Treasury are working very hard behind the scenes to advance those, reforms to licensing arrangements and, all of the feedback that we’ve heard is that industry, is really going to welcome a greater sense of, clarity around, around that space.

I would also just say that outside of the UNbacked crypto space, which is, I think, where your question was, was leading us to, where the reserve Bank is very has been and is today very forward leaning is in exploring all the ways that, the monetary system, the payment system could be transformed for the digital era.

And so I mentioned briefly in my set piece, we have a project underway now, Project Acacia, which is this the second, project in a couple of years, which is specifically looking at the question, how can we help uplift the functioning of our wholesale financial markets, where we still observe a number of frictions? There are some things going on in our wholesale financial markets that haven’t really changed since the era of the fax machine, right.

And our view is we can do better than that. So we’re looking very hard with our colleagues, at what sort of improvements to, functional forms of money and financial infrastructure could really uplift the dynamic, the dynamism in that space. Give us a more efficient, financial system and also one that’s more resilient at the same time.