Australian fintechs are pitching to the RBA to create DAD, Australia’s very own cryptocurrency

Australian fintech startups are throwing their support behind a proposal to create a government-endorsed Australian cryptocurrency called DAD, or the Digital Australian Dollar.

Led by FinTech Australia, a group of startups have submitted cases to the Reserve Bank of Australia and the federal Treasury that highlight the potential benefits of a government-back digital currency.  The DAD cryptocurrency would be tied to the Australian dollar and sit alongside the likes of Bitcoin, Litecoin and Ethereum, as a safe, reliable and government-supported alternative to other digital currencies.

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