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Power Finance Plans to Launch New Zealand Stablecoin in 2021

  • New Zealand-based financial services company Power Finance plans to launch what it’s calling a “world-first” digital version of the New Zealand dollar in 2021.
  • The ‘Power Dollar’ is not government backed, but rather more similar to a stablecoin like Tether than a true digital dollar. It is being set up privately and will be backed one-for-one by New Zealand dollars held by Inland Revenue (IR) through its tax pooling system.
  • The company is led by former PwC banking and capital markets partner Dave Corbett and backed by British investment firm Centrality Ventures, among others.
  • By using DLT in conjunction with smart identity technology, all currency holders will have their identities verified and transactions recorded, helping to prevent money laundering and fraud.
  • After launching the currency, the company will work to secure a banking license from the RBNZ. If successful, it will start signing up “partners” to launch banking-style services that function outside of the traditional banking system.
  • New Zealand is one of the more cryptocurrency-friendly countries. Earlier this year, it became one of the first nations to legalize Bitcoin as a form of income.
  • Read the full story here.

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