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.