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Businesses that want to receive and pay in cryptocurrencies also find it difficult to obtain and keep bank accounts in New Zealand. As a result, businesses, and the resulting economic activity, migrate to those countries that are actively fostering their blockchain ecosystem. New Zealand has an opportunity to be a blockchain and financial technology hub, which would fit well with New Zealand’s perception as a nimble, agile and innovative country. However, for New Zealand to realise its potential, change is required. While cryptocurrencies are tolerated in New Zealand, as they are in most countries, in practice they are difficult to obtain and use.
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