NGALAN MURRUMU OF WALUBARA MINISTER FOR FINANCIAL TECHNOLOGY OFFICIAL SPEECH
The intention of this presentation is to provide another perspective and further understanding as to why the Yidindji Nation and its government is building the mechanisms that will, in the near future yield positive flows to the region.
There is much international talk about our offer of a treaty to the Commonwealth of Australia; and while these things take time, we know of the importance of preparing for what can be for some an ‘uncertain’ future.
In recent years, digital currencies have become a matter of keen interest in the world of finance and economics. As more countries and institutions explore the possibilities of central bank digital currencies (CBDCs), the Yidindji nation has already gained ground by taking a unique approach to this technology with the development of our own CBDC.
Yidindji’s recognition of our sovereignty is becoming well known in the international community with many UN member states developing relationships with our nation.
In 2022, we made history by becoming one of, if not the first nation in the world to have a CBDC and digital ID in the same app, we beat China, the US and Australia to the punch, not bad for a small indigenous nation-state, in my humble opinion.
The Yidindji CBDC is a digital currency that is underwritten by the lands, seas, and resources of the Yidindji nation. Indeed, it was the Federal Court of Australia that determined that Yidindji own the land, pursuant to Yidindji law; Yidindji has a system of land tenure; a decision making process; they were here before 1770 and they are still here today”.
The High Court of Australia, Mabo(2) points out that, in this case, the Yidindji Nation is the underwriter of the Commonwealth of Australia.
This means that the value of our CBDC, created under Yidindji law, is tied to the value of the natural resources that the Yidindji people have stewarded for thousands of years. This is a groundbreaking approach to CBDCs, as most other countries are looking to underwrite their digital currencies with fiat currencies or gold reserves.
What is exciting is looking at how the Yidindji CBDC will yield fruit as a result of a treaty between Indigenous peoples and the Commonwealth of Australia. Yidindji is desirous of assisting Australia tick off the boxes to its international commitments to instruments like the United Nations Declaration on the Rights of Indigenous Peoples.
UNDRIP and other international instruments that Australia has become a signatory to, recognises the sovereignty of pre-1770 Indigenous Nations and their right to self-determination, including the right to issue their own identities and currencies.
By underwriting our CBDC with natural resources, the Yidindji Nation is taking control of its economic future and asserting its rights to lands, skies and waters.
One of the most exciting aspects of the Yidindji CBDC is the technology behind it, in particular ‘Federated Machine Learning’. This cutting-edge technology, in its early trials at this stage, will allow the Yidindji people to create a CBDC that is both secure and efficient, with the potential to revolutionise the way cross-border transactions are conducted.
This approach will promote privacy preserving digital currency, and prevent a future Yidindji government from becoming a surveillance state.
Federated Machine Learning allows different machines to work together to learn from data without the need to share that data with a central authority. This means that the Yidindji CBDC can be developed in a decentralised fashion, which aligns with the ‘Yidindji way’ philosophy of collective decision-making and sharing of resources.
In addition to this the Yidindji CBDC also holds promise in the realm of stored value and digital assets. These discussions are ongoing and present an exciting way to express various forms the CBDC can take in other realms.
In our talks with international leading experts, the potential for stored value is fast becoming a reality. The Yidindji CBDC could also pave the way for the creation of digital assets that are underwritten by natural resources. This could include tokenised assets such as carbon credits or renewable energy certificates, which are becoming increasingly valuable in the face of the global climate crisis.
Once again, this can be used to assist the Commonwealth of Australia meet its obligations to the climate targets outlined in international agreements like the UN Sustainable Development Goals.
By using the Yidindji CBDC as a platform for the creation and exchange of these digital assets, the Yidindji Nation will unlock new economic opportunities that are both sustainable and beneficial for the Nation and the Commonwealth of Australia, everyone wins.
Imagine the possibilities of a successfully concluded formal agreement between the Yidindji Nation & the Commonwealth of Australia, we are ready.
