4.1 Objectives Of The IAC Councils
Progressive formation of IAC councils means that over time, all authenticators, insurance providers and compliance validators registered on Social Hub and with their territorial activity range in a given country will - by default - form Local IAC council, with the voting rights and profit distribution based on their RWA staking scores.
The IAC Council's establishment aims to collaborate closely with local regulators to achieve several key objectives:
Integration with Digital Public Administration: Facilitate the linkage of the OAE environment to the country's digital public administration layer, including all relevant registers of ownership, identity, and entities.
National Blockchain Infrastructure: Advocate for the development and use of local, national blockchains and the deployment of MicroNodes to enhance decentralized network resilience and capacity.
Local National Subnet Development: Support the creation of local national subnets to provide tailored blockchain solutions that meet specific national requirements.
Implementation of National Node Solutions: Encourage the adoption of national NodeID, NodeWallet, and NodePay solutions to eliminate the need for third-party providers in money custody and payment processing, thereby streamlining these essential financial operations.
Central Bank Blockchain Integration: Promote the integration of national central banks and currency minters with blockchain technology, including the issuance of an exclusive digital stablecoin. This stablecoin would have exclusive support, legal recognition, and the sole licensing right to digitize the national currency.
Taxation and Accounting Automation: Advocate for the use of AssetChains and the OAE to automate and self-execute taxation and accounting obligations, simplifying compliance and enhancing efficiency.
Boosting OAE and Xend Browser Adoption: Work towards increasing the adoption of OAE and Xend Browser within the country, aiming to leverage their capabilities to improve the efficiency and security of digital transactions and services.
Last updated