he Aboriginal Yidindji government, located in northeastern Australia, has decided to release a central bank digital currency (CBDC) as well as a digital identification system on the blockchain wallet network. The Aborigines of Yidindji have lived in the territory for over 60,000 years and established the SYG in 2014. The SYG and the Australian government, including the prime minister, are currently under discussion for a formal treaty between the two governments, Foreign and Trade Minister Murrumu Walubara said.
The Yidindji sovereign dollar issued by the territory's central bank had only been issued through territory stamps until now. The approximately 100 SYG citizens can use their new CBDC and digital ID for transactions at local businesses in the territory as well as official government services.
"We can't use the Australian dollar because we're not Australians," said Walubara, who also serves as SYG's minister of financial technology. The SYG joins a growing list of countries and jurisdictions that have issued CBDCs, including the Bahamas and Nigeria, while China's digital yuan is set to be unveiled at the upcoming Winter Olympics.