The stablecoin—NZDD—is eyed to give New Zealand a “digital, programmable currency that can do everything the NZD can do,” according to Easy Crypto.
With insufficient technical tools and resources to manage, New Zealand takes a cautious stance on digital currency regulation as it embarks on the early stages of blockchain development.
The Reserve Bank of New Zealand also stated that a slow-and-steady approach is required for stablecoins and digital currencies due to the plethora of issues raised by their operations.
FMA said Bay Exchange provides services not compliant with the financial markets legislation, while Krypto Security is posing as an entity to help residents recover stolen assets.
On August 23, Huobi will cease the intake of users with New Zealand KYC and IP addresses and stop allowing New Zealanders to open new derivatives positions.
Assistant Governor Christian Hawkesby said the trends in cash mentioned in the papers could pave the way for innovation in money and the country's economy.
The Reserve Bank of New Zealand will be consulting the public on how a CBDC can work alongside cash, as well as issues arising from digital currencies like Bitcoin (BSV) and stablecoins.
The employee, whose name was withheld by the court, worked for Cryptopia before Cryptopia digital currency exchange fell victim to hackers.
The New Zealand Financial Markets Authority singled out BTC as a highly volatile, risky asset, warning individuals they may lose the full value of their investment in a market reversal.
Creditors were now able to log claims via the Cryptopia claims portal, inviting those still owed money since the firm collapsed to register their interest.
There are currently no imminent plans to launch a central bank digital currency in New Zealand, according to a Reserve Bank of New Zealand senior executive.