Faisal KhanAnswered Dec 4, 2014Right now, the Blockchain is tracking only a single asset, i.e. the bitcoin. So it cannot do Australian Dollars.
If the Australian government were to use the blockchain for the issuance of AUD, and assuming the blockchain were only tracking the AUD (as an asset in the distributed open ledger), then the Australian government would not have any control as how and when the AUD are created and released, as it is a mining function.
The Australian government would be better off using a pre-mined open/distributed? ledger system, think Ripple or Stellar, etc.
If the Australian government were to use the blockchain for the issuance of AUD, and assuming the blockchain were only tracking the AUD (as an asset in the distributed open ledger), then the Australian government would not have any control as how and when the AUD are created and released, as it is a mining function.
The Australian government would be better off using a pre-mined open/distributed? ledger system, think Ripple or Stellar, etc.