The tribal nation of Idinji, which is part of the Australian Aboriginal Sovereignty, announced the launch of its own digital currency called MUI.
To launch the cryptocurrency, the natives entered into an agreement with MetaMUI. In fact, MUI should become a stablecoin, reminiscent of the Bahamian state Sand Dollar and the digital currency of the Nigerian central bank eNaira.
The developers promise that it will be possible to use MUI in any government institution in Australia, and no commission will be charged for transactions with this stablecoin.
“This is a convertible currency, the value of which is provided by reserves of gold, silver and other minerals, natural resources. The coins are accompanied by a digital certificate certifying the provision of digital assets. This is the first convertible digital currency since US President Nixon,” write the creators of the project.
A spokesperson for Idinji stated that with the launch of MUI, their community would “go into the future”. The digital currency, the developers hope, will stabilize the community economy and ensure the prosperity of this Australian tribe.
Recall that in the fall of 2021, Nigeria launched a full-scale testing of its own digital currency. Through the use of the state cryptocurrency, the government promises, citizens will be able to save on fees for payments.
Source: Bits
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