Quite confused, I thought all the banks would use the same stable coins. However, from what I have read, there have been 2 differentiate AUD stable coins from 2 different banks. I guess there will be a lot of things need to adjust. For example, if a neither the banks accept each other coins, it will cause negative effects to the customers who want to transfer their coins to other banks
Well, it is still a positive news to the crypto community that there is country which has their own stable coins but still accept cryptocurrency widely. Australia must a nice place for any crypto-enthusiast, unlike the China
Topic: Australia launches stablecoin (Read 275 times)
You are right, the bank is probably acting on their own and not as the Australian Government.
For sure, otherwise we would probably see different official government articles/declarations/whatnot, and I haven't come across those in this case.
They need to get those clicks, while on the other hand, I understand, although I do not condone that approach, and the silver lining is that it keeps the conversation going, so it might end up where it matters more.
I guess that many will not like it but Australia launches their stable coin backed by Australian Dollars. There goes the CBDC from other countries like China and this seems is going to be the source of the money that shall flow for the next bull run and this trend might continue for next years.
Like many others, i do not think that a centralized stable currency will help the entire cause of having a decentralized currency, it might help if the main target is to pump and dump like we are seeing every rally but i really do not like the direction in which the space is moving forward. More control by the government and asset freezing will be the headline in a few years, it will help in countering the scams but privacy is at stake.There were only some drawbacks of using them and of one it is like you said our funds can get frozen so we should only use them at our own risk. CBDC are becoming a thing now but don't worry, as I never hear many countries who ban crypto and pushes their own crafted coin. The use of them is still optional.
Like many others, i do not think that a centralized stable currency will help the entire cause of having a decentralized currency, it might help if the main target is to pump and dump like we are seeing every rally but i really do not like the direction in which the space is moving forward. More control by the government and asset freezing will be the headline in a few years, it will help in countering the scams but privacy is at stake.
When a bank like them joins and creates a stable coin, more centralization will come to the crypto market instead of what it portrays to be decentralized. This has to be expected since the governments are also interested with crypto but, what they like is to have their own and not to rely on what's already been there and made by other developers. We just have to bear the changes that for the market to thrive, it's inevitable that the government will also step in.My country launched their stablecoin around last year but I haven’t seen any thing that has failed as how that very stablecoin failed, a country that is arresting and seizing asset of its citizens that withdrawals crypto-currency to Fiat can’t expect anything positive to come out from their stablecoin.
In as much as there hasn’t been much news on Australia hate on crypto-currency I still think that any country trying to create their own coin stablecoin or not may have some other motive to it.
There's really the motive on it as why they're making these stable coins or the CBDCs. They have an option to fully centralized it and won't be reliant to the decentralized market of cryptocurrencies.In as much as there hasn’t been much news on Australia hate on crypto-currency I still think that any country trying to create their own coin stablecoin or not may have some other motive to it.
Still don't understand will CBDC really give new opportunity for tracking money or not. They already can track any bank transfer and card transaction
Just like any centralized currency, they'll for sure have a way to track it. Just as Tether can freeze a wallet, stable coins made by the government can also do so. You are right, the bank is probably acting on their own and not as the Australian Government.
For sure, otherwise we would probably see different official government articles/declarations/whatnot, and I haven't come across those in this case.
Like many others, i do not think that a centralized stable currency will help the entire cause of having a decentralized currency, it might help if the main target is to pump and dump like we are seeing every rally but i really do not like the direction in which the space is moving forward. More control by the government and asset freezing will be the headline in a few years, it will help in countering the scams but privacy is at stake.
The real consequence of using a centralized currency, especially CBDC, is that your financial privacy is compromised. Completely unreliable, and that's how the government traps you and controls your finances so so it will be easy for them to force you to pay taxes. Indeed, I do not know what their main motives are, but they really want to be involved in the industry and take advantage of even the slightest space to make profit while narrowing the space for adoption of bitcoin and other crypto.Honestly I'm not surprised by Australia's plan to issue its stablecoin in the middle of this year, and maybe several other countries will also announce it in the near future.
My country launched their stablecoin around last year but I haven’t seen any thing that has failed as how that very stablecoin failed, a country that is arresting and seizing asset of its citizens that withdrawals crypto-currency to Fiat can’t expect anything positive to come out from their stablecoin.
In as much as there hasn’t been much news on Australia hate on crypto-currency I still think that any country trying to create their own coin stablecoin or not may have some other motive to it.
In as much as there hasn’t been much news on Australia hate on crypto-currency I still think that any country trying to create their own coin stablecoin or not may have some other motive to it.
You are right, the bank is probably acting on their own and not as the Australian Government.
For sure, otherwise we would probably see different official government articles/declarations/whatnot, and I haven't come across those in this case.
I guess that many will not like it but Australia launches their stable coin backed by Australian Dollars. There goes the CBDC from other countries like China and this seems is going to be the source of the money that shall flow for the next bull run and this trend might continue for next years.
Like many others, i do not think that a centralized stable currency will help the entire cause of having a decentralized currency, it might help if the main target is to pump and dump like we are seeing every rally but i really do not like the direction in which the space is moving forward. More control by the government and asset freezing will be the headline in a few years, it will help in countering the scams but privacy is at stake.
It happened, whether we like it or not. We'll see how it goes, I don't see it as an absolute evil. And I'm not gonna use it, and I wouldn't use it even if I were Australian.
I do not know how reliable this news is, but it does not refer to the Central Bank of Australia (or whatever its name is), but rather the National Australia Bank, which is one of the largest banks in the country, and therefore the government has nothing to do with this news.
I also do not think that a country should build a stable currency on a network that it does not control and therefore may not have control over transactions, in addition to the need for citizens to buy Ethereum for gas costs.
right, When the government of a country plans or thinks of doing something, the media presents the news in their own form before its implementation. Some of which are completely correct and some are fabricated. So no news magazine can be said to be completely reliable by reading only one article. But if the Australian government is really doing this then it's a good job for them. Because the way technology is improving, it is very important to make the country compete with other countries in terms of economic and development.I also do not think that a country should build a stable currency on a network that it does not control and therefore may not have control over transactions, in addition to the need for citizens to buy Ethereum for gas costs.
I do not know how reliable this news is, but it does not refer to the Central Bank of Australia (or whatever its name is), but rather the National Australia Bank, which is one of the largest banks in the country, and therefore the government has nothing to do with this news.
I also do not think that a country should build a stable currency on a network that it does not control and therefore may not have control over transactions, in addition to the need for citizens to buy Ethereum for gas costs.
right, When the government of a country plans or thinks of doing something, the media presents the news in their own form before its implementation. Some of which are completely correct and some are fabricated. So no news magazine can be said to be completely reliable by reading only one article. But if the Australian government is really doing this then it's a good job for them. Because the way technology is improving, it is very important to make the country compete with other countries in terms of economic and development. I also do not think that a country should build a stable currency on a network that it does not control and therefore may not have control over transactions, in addition to the need for citizens to buy Ethereum for gas costs.
So it did started already. I think many will follow through like the planned of other countries. Many have already line up their own CBDC and yet to implement. China started it and maybe this will be the new trigger foe crypto to be active again. The big guys are probably talking now and what would be the market trend for the next few years. Break this recession or what.
They began to change the currency of the world right now and it would be an automatic follow-up by the other countries as well because they don't want to be left behind. This is now the new trend of the century where they gonna consider making some changes to our currency also no doubt, this will be gonna good thing for the crypto industry because when they do this, the price of the BTC will spike and so the other top altcoins. We just need to be vigilant because scammers will take advantage of this scenario because of the hype.
It is like a company like Tether or Binance launches their stable coin but I see a point that this one is launched by one of biggest banks in Australia. It means something but does not means that Australian government will officially launch their own CBDC.
What surprised him was how did the regulators allow a bank to engage in such economic activities? I can understand, for example, a company like Tether and Binance, but a bank? In general, let's see if the currency will gain blind trust, as happened with Luna, or will they need more time? Will they print money out of nowhere, or will they be more careful ( 1:1 USD)?
This decision was made with great delay, while the use of stablecoins by banks today is a widespread banking tool. As for America, on January 5, 2021, the US Treasury issued permission to banks to issue their own stablecoins - https://twitter.com/USOCC/status/1346276615966232579 Thus , the new rules equate public blockchains with the SWIFT system , the head of Circle, Jeremy Alter , said in a statement - https://twitter.com/jerallaire/status/1346233134002659330.
The bad thing about this news is that they chose Ethereum blockchain for the coin, which is not the best option because of the huge commissions. Paying $4-5 for a transfer on exchanges is not for everyone. Although blockchain Algorand is offered as an alternative, but it is not as common. It would be better if they focused on TRON or the increasingly popular Polygon. It is more transfer-friendly than Ethereum.
It was always just a matter of time anyway. CBDCs will start to be more and more prevalent as we slowly transition to a highly digitized world. China and Australia making their first moves mean that they already have a working knowledge of what to do with it and how to control it in the event of a failure. The main question for these countries who launched and are planning to launch CBDCs is this: how comfortable would the masses be in using what their governments issued that essentially replaces their money? It'll be a slow transition and a lot of pushback from the masses, but it is the inevitability of finance.
Out of the few countries that already officially launched their CBDC, which among them has been reported successful in the aspect of usage by the citizens of the country?
I haven't seen any data so far critically analyzing the success of CBDC so far, and I think that is what other countries who are ye to launch it should look at before taking any step. If no one is interested in it, what is the point of the government wasting time and funds (if included) to launch it?
I haven't seen any data so far critically analyzing the success of CBDC so far, and I think that is what other countries who are ye to launch it should look at before taking any step. If no one is interested in it, what is the point of the government wasting time and funds (if included) to launch it?
Still don't understand will CBDC really give new opportunity for tracking money or not. They already can track any bank transfer and card transaction
It is like a company like Tether or Binance launches their stable coin but I see a point that this one is launched by one of biggest banks in Australia. It means something but does not means that Australian government will officially launch their own CBDC.
What surprised him was how did the regulators allow a bank to engage in such economic activities? I can understand, for example, a company like Tether and Binance, but a bank? In general, let's see if the currency will gain blind trust, as happened with Luna, or will they need more time? Will they print money out of nowhere, or will they be more careful ( 1:1 USD)?
More than the aim of facilitating the transfer of funds in real-time and so on, it seems that the "business" of stable coins has become a trend of competition between banks in the country to grab the attention of the crypto community. I read some articles and found this:
Somewhat surprised to see the number of AUD's stable coins growing rapidly, NAB is the second AUD stable coin of this type of banking institution to have regulatory backing.
Somewhat surprised to see the number of AUD's stable coins growing rapidly, NAB is the second AUD stable coin of this type of banking institution to have regulatory backing.
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