A cryptocurrency called a stablecoin, backed by New Zealand dollars, has recently been launched by a local crypto exchange. Basically, it operates by having every NZ dollar invested buying a stable coin, which is backed by another NZ dollar, that's held in trust. Clear as mud, right?!
In theory, this new product is addressing some of the problems with cryptocurrencies around the lack of regulation and being subject to fraud and theft, as well as losing all their value once they lose popularity.
But as Sam discusses in his latest opinion piece for The Post, it is easy to see that stablecoins are problematic, rather than the next big thing. Want to understand why? You can read the full article on The Post here.
By Liv Lewis-Long
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