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Australia's new AUDN stablecoin: the kangaroo that's hopping ahead in the CBDC race
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Australia's new AUDN stablecoin: the kangaroo that's hopping ahead in the CBDC race

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Token Dispatch
Jan 19, 2023
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Australia's new AUDN stablecoin: the kangaroo that's hopping ahead in the CBDC race
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Hello,

In today’s dispatch we have:

  • National Australia Bank is launching a stablecoin

  • Coinbase to halt Japan operations

  • US charges crypto exchange Bitzlato

National Australia Bank (NAB) is launching an Australian dollar-pegged stablecoin on the Ethereum network.

It's called AUDN and will be backed 1:1 by Australian Dollars (AUD) held in trust at NAB and launching on the Ethereum and Algorand blockchains.

Use cases:

  • Streamlining cross-border remittances - reducing the costs

  • Settle transactions on blockchain technology

  • Carbon credit trading 

  • Repurchase agreements

  • Green deposits

Why is the Australian government going with Ethereum? 

  • It is an open public blockchain (uncontrolled by any entity) which has been tried and true, standing the test of time and gaining widespread acceptance.

  • Using Ethereum would save the government the cost and effort of building a new payment infrastructure.

  • The "Public" blockchain is transparent and tamper-proof.

  • Offers a vast platform for developers to create payment-related apps on Ethereum using the Australian Stablecoin.

  • Cross-border transactions will become a breeze and frictionless for Stablecoin.

Australia has three coins in plan now:

  • AUDN

  • A$DC - Australia and New Zealand Banking Group (ANZ) X Fireblocks, pegged to the Australian dollar. 

  •  eAUD - Australia's own CBDC, started pilot test, expected to be completed by mid-2023.

Where does this put Australia with respect to other countries issuing Stablecoins?

Iran and Russia announced their plans to launch a new stablecoin backed by gold a few days ago, And the e-hryvnia, took its test run in Ukraine. Other countries such as India, the UAE, the USA, Malaysia, Singapore, and Thailand are also working on their own CBDCs. However, Australia is already well ahead in this regard.

Banks meeting crypto halfway is awesome, but there are some counterarguments we can't ignore:

  • Market participants have become sceptical about Stablecoins following the collapse of Terra's UST.

  • It is crucial to examine the underlying assets that support the Stablecoin as there is a risk of default if it is not constructed correctly.

  • There is a risk of regulatory ambiguity concerning Stablecoin's usage and acceptance by other financial institutions and government agencies, which may hinder its adoption and usage.

Anyways, the important part is that Stablecoin just got a stamp of approval from the bigwigs who call the shots on how the world runs - both in general and in finance. It's like the government is giving crypto a big ol' high-five!

Reactions from crypto Twitter:

Twitter avatar for @CryptoCommandr
Crypto Commander @CryptoCommandr
Woke up to a significant news from the other side of the world 🇦🇺 National Bank of Australia has just created a stablecoin backed 1:1 by australian dollars It is massive as it is unlike any centralized CBDC release, $AUDN is launched on networks such as #Ethereum & #Algorand ✔️
8:38 AM ∙ Jan 19, 2023
211Likes5Retweets
Twitter avatar for @k06a
Anton Bukov 🦇🔊 ⚖️ @k06a
That’s huge for Ethereum ecosystem and for Australia as a country! Having own currency stablecoin on Ethereum instantly opens this asset access to broad number of DeFi protocols. https://t.co/5nre50bZfV
Twitter avatar for @TheBlock__
The Block @TheBlock__
National Australia Bank creates stablecoin called AUDN: AFR https://t.co/Y6Kc8DXmFv
6:45 AM ∙ Jan 19, 2023
25Likes2Retweets
Twitter avatar for @milesdeutscher
Miles Deutscher @milesdeutscher
Australia’s 2nd biggest bank, NAB, is launching a stablecoin called AUDN on the Ethereum network. Could widespread bank adoption of L1 networks to power stablecoins be a bullish thing for crypto?
4:17 AM ∙ Jan 19, 2023
625Likes96Retweets

Crypto exchange Coinbase to halt Japan operations

It looks like Coinbase is waving goodbye to the Land of the Rising Sun. The cryptocurrency exchange giant announced that it will shut down its operations in Japan. Coinbase's decision to cease operations comes after Kraken, another US-based exchange, announced that it would close operations in Japan by the end of this month.

Customers have until February 16 to withdraw their fiat and cryptocurrency holdings from Coinbase, the exchange stated on Wednesday. Starting from Friday, fiat deposits will be suspended on the platform.

However, Binance, the world's largest cryptocurrency trading platform, is attempting to return to the country after previously exiting the market in 2018.

With the crypto winter biting harder in late 2022 due to FTX's collapse, crypto businesses across the globe have begun recalibrating their business models to adapt to changing conditions.

Though this isn't the end for Coinbase in Asia, they will continue to operate in other countries in the region, like Singapore and South Korea.

US charges crypto exchange Bitzlato With Laundering $700M

Well, well, well, it looks like we have a new player in the crypto crime drama. The US government has charged crypto exchange Bitzlato with money laundering to a whopping $700 million. That's right, you read that correctly, $700 million!

It's like a plot twist straight out of a Hollywood movie, but unfortunately, this is all too real. Bitzlato is accused of facilitating illegal transactions and helping criminals and bad actors launder their ill-gotten gains through the exchange.

Bitzlato crypto founder charged with $700m financial crimes - BBC News

Bitzlato, according to the DOJ, allowed individuals to trade cryptocurrencies without authenticating their identities. Customers were told that "no selfies nor passports [are] required" by the Hong Kong-registered exchange. According to the government, the lack of KYC procedures has converted Bitzlato into a hub of illegal activities.

"Overnight, the Department worked with key partners here and abroad to disrupt Bitzlato, the China-based money laundering engine that fueled a high-tech axis of cryptocrime, and to arrest its founder, Russian national Anatoly Legkodymov," said Deputy Attorney General Lisa O. Monaco. "Today's actions send the clear message: Whether you break our laws from China or Europe — or abuse our financial system from a tropical island — you can expect to answer for your crimes inside a United States courtroom."

Wallets affiliated with Bitzlato hold slightly over $11,000, according to data from Arkham, a crypto intelligence service; at their peak, they totalled over $6 million, making Bitzlato a relatively modest role in the sector.

This is a reminder that the crypto world is not all sunshine and rainbows, and it's essential to be vigilant and protect yourself from fraud and illegal activities.

Thank you for reading The Token Dispatch. This post is public so feel free to share it.

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