Former PwC partner to launch New Zealand ‘Power Dollar’ stablecoin
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. Set to launch early next year, the digital currency will employ distributed ledger technology.
The “Power Dollar” is not government-backed, however, and is more akin to a stablecoin such as 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 through its tax pooling system.
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