Here's fintech's secret pitch to the RBA to create an Australian dollar cryptocurrency

A group of fintech startups have submitted cases to the Reserve Bank of Australia and the federal Treasury to demonstrate the need for a new government-endorsed Australian dollar cryptocurrency.

Business Insider can reveal three fintechs, through industry body FinTech Australia and the government’s Fintech Advisory Group, presented use-cases for a new Digital Australian Dollar – the DAD – which would be pegged to the physical Australian dollar and compete against the likes of Bitcoin and Ethereum.

“The Digital Australian Dollar would be a huge step to grow our vibrant blockchain and digital currencies industry,” said FinTech Australia chief executive Danielle Szetho.

“Having key stakeholders like the RBA involved in further explorations of an Australian digital currency will help build trust and usage of cryptocurrencies, but at the same time will ensure we do not undermine Australia’s currency stability and sound monetary policy.”

With the rise of blockchain and cryptocurrencies, Szetho said “plenty of exploration is happening around this topic around the world”. Read more

Tony Yoo - Business Insider Australia - 16 Oct 2017