Last year New Zealand launched its very own crypto token dubbed New Zealand Dollar token or NZDT for short. However, as the country found it very difficult to regulate this token, it stopped its operations altogether.
Now, various sources claim that the country is working to re-initiate the crypto-currency. Cryptoenthusiasts across the country were very happy on hearing this.
The token was initially introduced during may last year. Cryptopia and a local bank joined hands in working for this project. This system was created in a short time and the principles on which it was supposed to work were simple.
People would deposit their money and receive an equal amount of the token. This could then be used to invest and trade with other crypto-tokens at a very fast rate.
This provided the people with an easy access into the crypto market while it increased the user base of Cryptopia. Everything went downhill from there as bank canceled its partnership with Cryptopia seeing as the neighbor Australia had a very strict policy against crypto-currencies.
This resulted in a huge shock to the crypto-sphere as it marked the end of the tether service. The people who had the tether had to use crude and inefficient methods that put them at a loss.
Now, officials from Cryptopia are claiming that the firm has engaged with another bank to re-initiate the tether system. Members of crypto-sphere are looking towards its re-introduction as it is the most efficient way to connect to the crypto market.
Moreover, officials believe that the token has applications beyond just connecting crypto to fiat, they believe that this token can be used is easing the day to day lives of the user.