Australia launches stablecoin

[yazher]

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.

[coinerer]

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.

[goaldigger]

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.

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.

[kizlod]

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.

[eaLiTy]

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.

[Coin Gorilla]

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.

[BIT-BENDER]

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.

[_BlackStar]

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.

[crzy]

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.

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.

[tabas]

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.

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.

[fullhdpixel]

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.

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.

[Coin Gorilla]

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.

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.

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.

[Blitzboy]

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