A handful of FinTech startups have reportedly submitted use-cases to the Australia’s central bank and Federal Treasury for a state-backed Australian dollar cryptocurrency – the Digital Australian Dollar.
According to a report by the Australian Financial Review, three FinTech startups – FlashFX, AgriDigital and Othera have, through industry advocacy group FinTech Australia and the government’s own FinTech Advisory Group, are pressing the Reserve Bank of Australia (RBA) to consider the ‘Digital Australian Dollar’, dubbed the DAD. The DAD will be directly tied to the fiat Australian dollar and “would be a huge step to grow our vibrant blockchain and digital currencies industry,” said FinTech Australia chief executive Danielle Szetho.
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