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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.


For the full article, please read the source:
National Australia Bank Becomes Second Australian Bank to Build Stablecoin: Report (https://www.coindesk.com/business/2023/01/19/national-australia-bank-becomes-second-australian-bank-to-build-stablecoin/)

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.

Stablecoins will naturally progress to be backed by more than just the word of any government.

History has shown us with no exceptions that governments will all eventually collapse.

I see the evolution in the direction of stablecoins backed by physical assets such as gemstones/precious metal etc. In a trustless manner.

I would encourage you to read up on a project that tries to tackle this with scanning of objects called 3DPass which I’m proud to have joined after the official ANN thread https://bitcointalk.org/index.php?topic=5382009.0

Feel free to checkout my Twitter: https://twitter.com/A_mo1111_

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.


They seem to be closer to USDT, USDB.

Yeah, this is obvious. No government wants to lose out on the Financial grip and if CBDCs are to be introduced under any blockchain architecture, the Governments will create their own which they feel they can control and manipulate. Like the fee, taxation, tracking, freezing transactions and addresses, controlling money in circulation etc.

You are right, the bank is probably acting on their own and not as the Australian Government. I am not sure what kind of legal processes they went through to have this approved, though given the Australian Government can get bitchy sometimes towards crypto.

Each country's financial situation will change this year with Australia starting it. Launching its stablecoin can trigger other countries to follow suit and of course, they will get support from their country's currency such as Australia. Blockchain technology will finally develop with the participation of every government by creating stablecoins so that the government will give permission to its citizens to use crypto in full. But maybe it is still too early for other countries and they still need to research if they want to use blockchain to create their stablecoin.

I think you don't quite understand the meaning and functions of stablecoins and CBDC correctly. The stablecoin, which is issued by the National Bank of Australia, is issued to facilitate payment transactions for its customers and its subsequent exchange for fiat currency and is currently a common banking instrument that has nothing to do with CBDC.

I am not really sure what to think about this news because i don't know if this is a good thing or not for the crypto market. So Australia now also has a digital version of their Australian Dollar. This basically also means, that if for example 1 Billion digital Australian dollars will be minted and put into circulation, that 1 Billion "normal" Australian dollars would need to be removed from circulation or otherwise that newly printed money would just generate additional inflation.
Also i am not really sure if such CBDC are really a reason or a source for a next bull run of the crypto market. For me their are just digital versions of native national tokens nothing more.

But this isn't really CBDC, just a stable coin. I am guessing that's a pilot program and fails on the fact that it's on open blockchain and to fact that transactions aren't instant and front running creates problems. I am not sure about laws in Australia, but interests for confidential transactions and privacy should be same as in EU. Maybe this works for some specific use cases but it isn't really government adopting CBCD.

In any case though, it's not that it will hurt crypto in general with their launch.

As someone says, it will just facilitates transactions with the banks and it could be more quick with their own stablecoins. So nothing spectacular here, and I don't see it as something that could push the price of any crypto for that matter.

And this could be the norm for other countries, CBCD's or any other crypto issues by their government or banks.

Besides what others pointed out about the wrongly assumed token creator of a governmental entity, the interesting point within the article is the inefficiency of the current cross-border payment solutions.

With that in mind, it should endorse more research toward blockchain technologies, so it is just not merely a consideration as what currently the article suggests. That might be a hopeful technological advancement and progress if blockchain could be utilized to improve the current system. No matter whether it will be implemented in the token form or directly within A CBDC system, it should address the current lack of innovation within the nowadays centralized payment system.

You are speading misinformation. A stable coin is launched by one of four biggest banks in Australia is not an official stable coin of that nation. It is not Australia launches stable coin, very misleading.

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.

Something to know about CBDCs.
[GUIDE] All About Central Bank Digital Currency (CBDC) (https://bitcointalk.org/index.php?topic=5288713.0)
Bitcoin vs CBDC - Print your own stickers (https://bitcointalk.org/index.php?topic=5435917.0)

Yes, crypto cannot be balanced just because there is a country that creates and launches a stable coin.
The coin was created only because of a personal interest in that country and it is impossible to compete with crypto coins that are already on the market.
So why are we thinking and imagining about Australia having a stable coin slide if indeed the coin is unlikely to be able to influence cryptocurrencies.

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:
https://static.ffx.io/images/$width_620/t_resize_width%2Cq_88%2Cf_auto/4c0dc011c8cc7774b7ccc479534007eab797d6b4

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.

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)?

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

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?

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.

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.

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.

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.

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.

If that is one of the largest bank in Australia, most probably it can influence the other banks and the Central Bank itself will look into this and see if that banks still follows their monetary policy. There's always a two side of the story, its really hard to believe not until it happened and not until the government releases their formal statement. With this progress, this is still a good one, there's no banks that wants to be left behind and this is why most of them already took the initiative.

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.

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.

For sure, otherwise we would probably see different official government articles/declarations/whatnot, and I haven't come across those in this case.

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.

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.

So the subject is misleading and should be changed to, an Australian Bank launches their first stablecoin. Well, if this is not a Central Bank then we should not categorize this update as a whole because probably they have their own plan when it comes to crypto adoption. We don’t need to wait for their actual announcement, it is already stated that its a largest bank in Australia and not the government itself.

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.

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.

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.

Stable coins (centralized or not) have their own usage. It can be used as a back up just like a fiat for use on emergency situations like when the market is dumping and we need to buy more coins. They are also good for sending or receiving money because they don't fluctuate so we won't have a hard time dealing with the price differences.

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.

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.

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