With this stablecoin issued on these 2 altcoin blockchains, it will be easier for bank customers to make payments and transactions in Australian dollars.
The bank installed its stablecoin on these 2 altcoin blockchains
According to the Australian Financial Review (AFR) report, National Australia Bank (NAB), one of Australia’s four largest banks, has created a stablecoin called AUDN, which it aims to launch in mid-2023.
NAB said that the aim of AUDN will be to allow its customers to execute transactions on blockchain technology in real time using Australian dollars. Howard Silby, NAB’s chief innovation officer, told AFR that AUDN could also be used for other purposes, including ‘carbon credit trading, overseas remittances and repurchase agreements’.
The stablecoin will be launched on the Ethereum and Algorand blockchain, a smart contract platform similar to Ethereum. Last year, 4 Australian banks attempted to issue a joint stablecoin. However, there were those who left the project and it was not completed. According to the news in the country’s media, the reason why banks could not finish the stablecoin project is that their perspectives on cryptocurrencies are different. Later, the “Bank of Australia and New Zealand” issued its own stablecoin called ASDC.
Launched a pilot test for condition reconnaissance
NAB is the second largest Australian bank involved in the creation of a stablecoin. As we mentioned earlier as Kriptokoin.com, the Australia and New Zealand Banking Group (ANZ) has partnered with crypto custodian Fireblocks to issue a stablecoin pegged to the Australian dollar.
Australia introduced token mapping to determine the characteristics of all cryptocurrencies and how they are managed, and the central bank has launched a pilot test to explore potential use cases for Australia’s own CBDC, expected to be completed by mid-2023. The Australian government pledged last month to create a framework for licensing and regulating crypto service providers by 2023, in an effort to tighten security in the crypto environment.
DigitalX, a digital asset company listed on the Australian Stock Exchange, plans to use AUDN to prove its reserves when it launches, AFR reports. The Australian government is considering regulating cryptocurrencies.
But it is unclear whether stablecoins will be part of the initial regulatory regime. In September 2022, a private member’s bill proposed regulating stablecoin issuers and imposing disclosure requirements on them. In addition, one of the biggest reasons why Australia allowed stablecoin issuance was the country’s energy transformation program.
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