The Yidindji Sovereign Government, an Australian Aboriginal micro state, has formed a partnership with Sovereign Wallet Co., Ltd. to use the MetaMUI CBDC platform for developing the Allodial Unity Digital Dollar (AUDD). This initiative seeks to foster economic cooperation, trade, and mutual prosperity among Indigenous nations on the Australian continent through a unified digital currency.
Since January 2022, Sovereign Wallet has provided the Yidindji with advanced National Identity and CBDC solutions, facilitating easy access to critical financial services. This collaboration introduced the world’s first self-sovereign identity-based national identity system. Moreover, together, they launched the Sovereign Yidindji Dollar (SYD), marking a significant achievement by deploying a CBDC in about 4 hours using the MetaMUI CBDC Cloud Service, a testament to the partnership’s success in financial innovation.
Sovereign Wallet’s MetaMUI identity-based blockchain underpins AUDD, ensuring legal compliance, privacy, and enabling immediate peerto-peer transactions. This decentralized method reduces reliance on central banks and enhances financial stability in the AUDD alliance. Unlike the Euro, AUDD acts as an account unit for Indigenous currencies, backed by their nation’s unique assets, eliminating the need for a central managing authority. This framework allows Indigenous communities to regain economic independence and build collective economic resilience.
Key Highlights of the AUDD Initiative:
- Unified Ledger CBDC: AUDD serves as a relay chain that connects and unifies each Indigenous nations own national currency. Each nations currency would have their own ledger. It will be powered by Chained Cash technology pioneered by Sovereign Wallet.
- Co-existence of Common Currency and Sovereign National Currency: Each currency alliance participating countries does not need to give up their own currency to join common currency alliance. Each country can increase its monetary power through a common currency while maintaining its independent currency sovereignty. This is a reproduction of Bancor, which Keynes had proposed.
- Decentralized Monetary System: The AUDD features a decentralized monetary system where each participating country is a member of the governance council, collectively managing the common currency, AUDD, via a voting mechanism on the MetaMUI blockchain. Exchange rates between national currencies, like the Yidindji Dollar, and AUDD are automatically determined by the volume of AUDD reserves and the issuance volume of the national currency by each country.
- Direct cross-border payment and algorithmic exchange bank: Leveraging MetaMUI’s Chained Cash technology, residents of Indigenous nations can conduct cross-border transfers directly from their wallets, bypassing traditional banking institutions.
Murrumu of Walubara, the Minister for Financial Technology, representing Sovereign Yidindji Government, stated, “The AUDD Initiative marks a crucial move towards creating an inclusive and sustainable future for indigenous communities. AUDD is more than just a digital currency; it’s a symbol of empowerment and collective effort. We’re honored to collaborate with Sovereign Wallet, utilizing their knowledge to empower our communities and change the story of economic exclusion.”
Seokgu (Phantom) Yun, CEO of Sovereign Wallet Co., Ltd, adds, “Three years ago, Yidindji became the first nation to adopt MetaMUI’s CBDC platform. We’re thrilled to further this partnership and initiate a new phase of fast cross-border payments. AUDD holds the promise to transform the financial framework for Indigenous communities, promoting economic inclusion and sustainable growth.”
The AUDD Initiative represents a significant leap towards economic sovereignty for indigenous tribes, aligning with global efforts to build a more sustainable and inclusive financial ecosystem.
About Sovereign Wallet Co., Ltd
Sovereign Wallet is dedicated to deliver financial services to millions of people by leveraging identity-based blockchain. Our flagship technology, MetaMUI, is reshaping the financial landscape, fostering self-sovereign finance, and constructing a sustainable, inclusive economic model. We digitize vital national infrastructure – from identity and credentials to financial transactions – eliminating the need for paper and empowering individuals with self-sovereign finance. MetaMUI’s hybrid structure is ideal for global applications, ranging from central banks to digital stock exchanges and cross-border payments, reinforcing our vision of an inclusive and sustainable economy.
About Yidindji
The Yidindji people are a rainforest-based society with several clan groups in the area as far north as Queensland on the Australian continent. The Sovereign Yidindji Government has a rich history and deep connection to the land. Since its inception in 2014, the SYG has established various departments and consistently enacted laws for the well-being of its people. The AUDD Initiative represents a key pillar in its ongoing efforts to secure economic self-determination and build a brighter future for generations to come.
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