Stablecoin: this Australian banking giant launches its cryptocurrency on Ethereum and Algorand

A leg up in crypto thanks to stablecoins – While MNBC, the Digital Currency of Central Banks, is gradually being implemented, or even being adopted, by some central banks such as Brazilthe Australian banking giant National Australia Bank (NAB)) announced its decision to launch its own stablecoin following the path set by Australia and Banking Group of New Zealand (ANZ). To do this, the latter chose blockchains Ethereum AND Algorand.

An Australian bank launches its own cryptocurrency: a stable currency

Before we get to the heart of the matter, if you need a little reminder of the characteristics that define a stable currency, we advise you to watch this video. So the introductions are done, let’s get back to our business. We learn it today in hurry Australian. The initiative of NAB it means unprecedented to say the least, as it wants to launch a stable currency pegged to the Australian dollar.

The Australian Bank thus indicates, by this announcement, its desire for itadapt to new technologies choosing blockchains Ethereum AND Algorand. Moreover, this stable currencyAUDN, will allow its holders transfer of funds in real time on an international scale with a so-called stable cryptocurrency, that is, little subject to the volatility that can characterize The price of Bitcoin for example. The objective is for the bank to improve the efficiency of its payments.

>> Looking for bold returns on your stablecoins? Sign up for AscendEX (commercial link) <

For NAB, the future will be crypto

The bank’s Innovation Director, Howard Silbyis honest about the apparent use of cryptocurrencies for NAB.

“We plan to offer stablecoins in multiple currencies in jurisdictions where NAB has licenses. »

Howard Silby – Source The watcher’s guru

of traditional businesses are increasingly inclined to make the leap from cryptocurrencies. Using blockchain technology that allows them to:

  • or increased security transactions;
  • or transaction transparency ;
  • and finally, a participation – quite distant in our case – in cryptocurrency market.

Additionally, stablecoins offer a alternative to traditional means money transfer. They can even become an important tool for international transactions. Some countries, not necessarily the most exemplary of all these, have already made this choice. Beyond Brazil, which we mentioned in the introduction, Iran and Russia announced at the beginning of the week, of launching a stable currency with gold to defy international sanctions.

Confirming that cryptocurrencies are not a market to be ignored, 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 byincreasing the number of ATMs in the country’s cities, or the will of the national regulator to dictate the conditions successful integration for cryptocurrencies in the country.

Banks and national institutions are increasingly interested in cryptocurrencies. On your side, wait no longer to join the greatest modern monetary revolutions! Go sign up for AscendEX. To trade cryptocurrencies without breaking the bank, take advantage of a 10% discount on trading fees (trade link, see terms on page).

Leave a Comment