A foot in crypto thanks to stablecoins – While the MNBC, Digital Currency of Central Banks, are gradually being implemented, or even adopted, by certain Central Banks as in Brazilthe Australian banking giant National Australia Bank (NAB)) announced its decision to launch its own stablecoin following the path laid out by Australia and New Zealand Banking Group (ANZ). To do this, the latter chose blockchains Ethereum and Algorand.
An Australian bank launches its cryptocurrency: a stablecoin
Before getting to the heart of the matter, if you need a little reminder about the characteristics that define a stablecoin, we advise you to watch this video. The introductions are therefore made, let’s get back to our business. We learn it today in the Australian press. The initiative of the NAB is to say the least unprecedented, since it wants to release a stablecoin pegged to the Australian dollar.
The Australian bank thus shows, with this announcement, its desire toadapt to new technologies by choosing blockchains Ethereum and Algorand. Furthermore, this stablecointhe AUDN, will allow its holders to transfer funds in real time on an international scale with a so-called stable cryptocurrency, that is to say little subject to the volatility that can characterize Bitcoin price for example. The objective being for the bank to improve the efficiency of its payments.
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For NAB, the future will be crypto
The bank’s director of innovation, Howard Silbyis candid about the obvious use of cryptocurrencies for NAB.
“We plan to offer stablecoins in multiple currencies in jurisdictions where NAB has licenses. »
Howard Silby – Source Watcher Guru
The traditional businesses are more and more inclined to make the leap from cryptocurrencies. The use of blockchain technology allowing them to:
- A increased security transactions;
- a transaction transparency ;
- and finally, a participation – rather distant in our case – at the cryptocurrency market.
In addition, stablecoins offer a alternative to traditional means money transfer. They could even become an important tool for international transactions. Some countries, not necessarily the most exemplary for all that, have already made this choice. Beyond Brazil, which we mentioned in the introduction, Iran and Russia announced, at the start of the week, the launch of a gold-pegged stablecoin to counter international sanctions.
Confirming that cryptocurrencies are not a market to ignore, Australia is no longer in its infancy. If the latter seems determined to impose a legal framework for cryptocurrencies, the fact remains that the country is not closed to blockchain technologies. Evidenced by theincrease in the number of ATMs in the cities of the country, or the will of the national regulator to order conditions successful integration for cryptocurrencies in the country.
National banks and institutions are increasingly interested in cryptos. On your side, don’t wait any longer to join the greatest of modern monetary revolutions! Go register on AscendEX. To trade cryptocurrencies without breaking the bank, take advantage of a 10% reduction on trading fees (commercial link, see conditions on site).