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NZ Digital Dollars - the future of money

NZ Digital Money

Here you will our why companies are moving towards using Digital Currency and why NZ Digital Dollars are being used by every day companies.

Forms of NZ Digital Money

POINTS

Points can be issued for rewards when purchasing items. Each point has a value which when collected, make up a total value. Lets say 100 points is equal to $1.00. This is a form of Digital currency, simply because, for every 100 points, the end user can redeem $1.00. It is value calculated, so at the time of redemption X amount of points equals X amount of Digital Dollars which will match a NZD value of a product that can be purchased with the required amount of points.

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DIGITAL TOKENS

Tokens are used as a value. Any value can be assigned to a Token or a range of Tokens a bit like how we used CASH. Think of how New Zealand used to use a plastic milk token to purchase one bottle of milk. That 1 token was worth a NZD amount. A Digital currency can use tokens, to set a value of each digital dollar. Tokens are programmable so any token can have any value. The total value shown in say a wallet is called the Digital Dollar Balance.
In a region to identify value, the balance will be shown in the currency of the country you are in, for example you have $29.00 NZ Digital Dollars or $29.00 USDD

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NZ STABLECOINS

New Zealand is seeing a few stable coins enter the market. A stable coin is a NZ Digital Dollar pegged to the NZ Dollar. This way everyone who owns a stable coin balance can see exactly how much value they have.

The New Zealand Dollar is represented as NZD where as a NZ Digital Dollar is represented as NZDD, which is followed by the name of the coin.

For example, an Australian stable coin called AUDD can be exchanged for AUD and both hold the same value.

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ABOUT NZ DIGITAL MONEY

Why is NZ moving towards a CBDC? Will we use Digital Dollars as a Currency

Digital money is in fact already in New Zealand.
NZ Digital Money is exchanged in every online transaction made. The only time Digital Dollars do not transact is when someone pays for an item using cash.

To view the forward motion of New Zealand and the future of money, check out the RBNZ website by clicking this link.

RBNZ

Roadmap

How It All Started

First electronic computer

1946
1967

BNZ introduces computers to banking

New Zealand's first bank card product

1974
1978

Bank of New Zealand introduces VISA as a debit card

Cellular phones invented

1979
1985

EFTPOS is first introduced to New Zealand

Fly Buys launches

1996
adding soon

To be continued