The Internet Party, an unregistered political party in New Zealand founded by German-Finnish entrepreneur Kim Dotcom, earlier this year, has made clear that, along with cheaper internet and more tech jobs, the party wants to introduce a cryptocurrency for international transactions that would work in parallel with the existing New Zealand dollar.
The Internet Party’s proposed cryptocurrency would be “safe, secure and encrypted, providing for instant international transactions at minimal cost,” according to the party’s website.
Dr. David Tripe, who has worked at Massey University in New Zealand since 1994 after 17 years in banking, dismissed the party’s plan, claiming there was already such a digital currency in existence for the New Zealand dollar.
“What tends to happen in that sort of situation is the currencies get a little misaligned with each other and the one that is less reliable drives out the one that is more reliable,” Tripe told Stuff, a New Zealand news website.
Vikram Kumar, Chief Executive of the Internet Party, said that the proposed currency would not be outside of the New Zealand tax system and any transaction involving it would be treated the same.
The Internet Party plans to outline their plan in their manifesto although whether or not they can garner enough support from the New Zealand voter base to transform the idea into a reality is yet to be seen.