Compliant Stablecoin Launches in New Zealand.

[Malam90]

A New Zealand-based firm says it has created the country’s first compliant stablecoin, one backed by the country’s dollar.

According to a press release shared with CoinDesk on Wednesday, the New Zealand dollar stablecoin ($NZDs) is issued by Techemynt, a regulated company with ties to crypto hedge fund Techemy Capital.

Launching today, the cryptocurrency is backed one-to-one by the New Zealand dollar and deployed on the Ethereum blockchain by Blockchain Labs. $NZDs’ code utilizes a framework developed by Coinbase and Circle-founded Centre group.

“$NZDs combines the stability and value of the New Zealand Dollar with the intrinsic utility of cryptocurrency to allow arbitrage, remittance, and digital payments, while positioning the New Zealand Dollar as a prominent participant in the global digital asset economy,” the company said.

To ensure transparency, reserves of the New Zealand dollar backing the stablecoin are to be confirmed by a “leading accounting firm” with reports delivered on a quarterly basis, according to the firm’s website.

Techemynt is registered as a Financial Service Provider in New Zealand, according to a listing by Companies Office, a governmental department within the Ministry of Business, Innovation and Employment.  Source Link

[damsix]

The country of New Zealand is very enthusiastic about cryptocurrency and this will definitely make it even more useful in the future like Australia.
And the one that funds all of that is Techemy Capital, I am sure this company is not an ordinary company because Techemy Capital is able to provide the New Zealand Dollar with an opportunity to enter cryptocurrency.

[kulkhan]

Compliant Stablecoin Launches in New Zealand it Is Good News For All Cryptocurrency Lovers, traders and Investors. Because i Think it wil Creat Positive Impact in another Countries. Gradually all Country will Creat his Own Stable Coin I Think. So It will Be Great Inspiration for all country who are not Permit any Cryptocurrency.

[IyemRoker]

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Indeed, New Zealand has always been very open to cryptocurrency, there are so many cryptocurrency lovers from New Zealand.
Cryptopia Exchange which is now bankrupt also comes from New Zealand, in my opinion creating a stable coin in New Zealand is very appropriate and this will prove that there, right ?

[zorchy]

Great news, now New Zealand will sing with new colors, respect