New Zealand’s Dollar-Pegged Crypto “NZDT” To Be Officially Re-Introduced Next Ye

[Goodcat49]

New Zealand's dollar-pegged crypto, popularly known as the New Zealand Dollar Token (NZDT), was delayed many months following its rollout in 2017, after the Blockchain New Zealand conference took place in Auckland. According to the latest news from Newsroom, a local news outlet, a Crypto exchange based in New Zealand which is behind NZDT, is more than ready to release again the crypto within the Q1 of 2019. Plans are underway to be reintroduced to its national fiat currency known as the New Zealand Dollar (NZD).

The exchange is collaborating with a new unidentified financial institution to launch NZDT again. Their most recent bank, ASB, had some issues with the coin inasmuch as compliance is concerned, know-your-customer (KYC) needs and the increase in Australian digital currency slanders. Currently, the coin’s developers are working hand in hand with several senior government officials that are so determined and inquisitive about digital currency, not condemning.

Additionally, a crypto tax expert at Bell Gully law firm, Campbell Pentney, also talked about the regulatory issues that left several people at the mercy of financial institutions, especially banks that were themselves spooked because of the uncertain legal climate. Due to that factor, trading volumes were hindered since people had limited alternatives. The lawyer repeated these sentiments and explained:

“Not having them matters hugely. It was going great, growing massively fast, and then suddenly there was no banking access. People are saying: ‘how do I buy bitcoin? There are a few cryptocurrency exchanges in New Zealand, but volumes are very low and few people are using it. If you had a large amount in bitcoin, it would be quite difficult to get it out. Some banks are cautious about cryptocurrencies and anti-money laundering legislation and some go as far as closing your account if you are dealing with cryptocurrencies.”

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/new-zealands-dollar-pegged-crypto/