The Sovereign Yidindji Nation has launched its own digital currency, in a move the small territory's government has heralded as "creating history".
Murrumu of Walubara in Far North Queensland, renouncing his Australian citizenship in the process.
He's now the territory's foreign affairs & trade minister, renewable energy Minister, communications & broadband Minister and financial technology minister.
He told NITV News the launch of a Central Bank Digital Currency (CBDC), which is a digital record of the nation's official currency the Sovereign Yidindji Dollar, is a significant step in building the nation.
"It was too expensive to mint coins and to print physical notes," he said.
"It just didn't make sense because it's cheaper and it's better for the environment to go down the digital currency and digital asset road.
"... We actually create the money in accord with our laws and that is then minted and verified on a digital platform, so we're not just printing money out of thin air."
Yidindji is the first Indigenous nation to successfully mint money using a CBDC.
Murrumu Walubara says the Sovereign Yidindji Nation's CBDC is a significant step Source: Supplied
Mr Walubara said it was important to his government to make sure the money isn't used for any illegal or immoral purposes.
"We don't want to support nefarious activities like money laundering or financing terrorism, or our money ending up in unethical companies that are destroying rainforests all around the world or blowing up caves," he said.
"With our CBDC everything is above board. It's digitally burnt in so we can see where everything is... That's really important."
'Pay our way forward'
For the 40 Sovereign Yidindji Nation citizens with the digital identification app on their phone, using the new CBDC is simple.
"Basically you can pay through a QR code," Mr Walubara said.
"So if you were on our territory and you needed 20 Yidindji dollars... If you had your phone on you and I had my phone next to you, we could through [the app] safely and securely transfer that across.
"There are a number of businesses here on our territory that are registering with our government so we can go buy a coffee for example.
"We're just testing out those things now."
The ultimate goal for Mr Walubara is a treaty with the Australian Commonwealth. He said when that happens, it will open up even more financial opportunity for the Sovereign Yidindji Nation.
"That will enable our money to cross borders into the Australian system and vice versa," he said.
"So not only can we buy a coffee but that will allow our government to do procurement processes, for example a fleet of cars or office space.
"At the moment our office space here is being paid for in the Australian realm through donation and things like that.
"We want to have the ability and the financial inclusion to pay our way forward."
