The intersection of traditional banking systems and the continuously growing world of cryptocurrencies and digital assets presents both challenges and opportunities for New Zealand’s economy. Following the recent report on debanking published by Web3NZ, BlockchainNZ and Web3NZ hosted a workshop with key stakeholders from the banking, legal and government sectors. The discussions within the workshop focused on understanding the current challenges between Web3 businesses and the banks, exploring potential pathways forward to ensure that innovation thrives within the bounds of regulatory compliance.
This dialogue is crucial at a time when technology is rapidly reshaping financial paradigms both here and internationally. To harness these changes, collaboration among all parties is essential. This is a moment in technology and finance that New Zealand cannot afford to miss and all parties need to sit at the table and come to a consensus on how we move forward.
Highlighting the strides in this direction, Easy Crypto, New Zealand’s largest cryptocurrency retailer, launched the first New Zealand stablecoin today – the “NZDD” (New Zealand Digital Dollar). The NZDD, backed one-to-one by the New Zealand dollar, stands as a practical and viable choice for transactions, blending the stability of traditional finance with the agility of the digital age.
Easy Crypto has also launched their first digital wallet to provide a secure and convenient way for customers to manage their digital assets, further simplifying the crypto experience. The introduction of NZDD places New Zealand on the international map for significant advancements in digital finance and marks a significant milestone in the country’s journey towards a digital economy.
Our research indicates that nearly 18 percent of Web3 based businesses offer cryptocurrencies as a form of compensation. With the launch of NZDD, we anticipate this number to rise, reflecting a broader acceptance and integration of digital currencies in mainstream business practices. We’re incredibly proud of the work that Janine Grainger and the team at Easy Crypto has done in launching the first NZ stablecoin. We hope this fuels the fire we’re stoking and is the beginning of a new financial world in NZ.
Alongside celebrating Easy Crypto’s success, we’re keen to share the love with our wider BlockchainNZ community. On 6 December, alongside Web3NZ, we’ll be hosting our end of year celebration and the first annual BlockchainNZ Awards to share our gratitude to our amazing New Zealand businesses. We had an incredible response to our nominations and we’re underway with our judging process. Make sure to register to attend and we’ll see you there!
Ngā mihi nui,
BlockchainNZ Executive Director
Read the full news here: Ensuring innovation thrives | November Newsletter