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World's First "sovereign-backed digital currency". Or is it?

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A former PWC partner has announced the creation of what he says is the world’s first “sovereign-backed digital currency”, but the Reserve Bank, and Inland Revenue are stressing it is not an official government digital currency.

Dave Corbett said the “Power Dollars” are the digital equivalent of a $1 coin, and $1000 of them already existed.

Each one, created using smart contracts on blockchain technology owned by Power Finance, is backed by a dollar deposited with Inland Revenue under New Zealand’s tax-pooling laws.

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The article goes on to explain they have applied for a banking licence and will eventually offer finance products to businesses, community groups and fintechs.


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