The Sovereign Yidindji Government (SYG) in northeastern Australia has released a central bank digital currency (CBDC) and a digital ID system on blockchain wallet network MetaMUI.

Fast facts

  • The Aboriginal people of Yidindji have lived in the territory for over 60,000 years and in 2014 established the SYG.
  • The SYG and the Australian government, including the prime minister, are currently undergoing discussions for a formal treaty between the two governments, SYG foreign affairs and trade minister Murrumu Walubara told Forkast.
  • The Sovereign Yidindji Dollar issued by the territory’s central bank had only been issued through the territory’s postage stamps to this point.
  • The roughly 100 SYG citizens can use their new CBDC and digital ID for transactions at local businesses in the territory, as well as official government services.
  • “We can’t use the Australian [dollar] because we’re not Australians,” Walubara said, who also serves as the SYG financial technology minister.
  • The SYG joins a growing list of countries and jurisdictions that have issued CBDCs, including the Bahamas and Nigeria, while China’s digital yuan is set to be showcased in the upcoming Winter Olympics.