Crypto Frontline

Blockchain NZ Exec: Qoin is Legit

Blockchain NZ Exec: Qoin is Legit
March 09
13:04 2021

Qoin has found support in New Zealand in the person of Stephen Macaskill. This development comes amid the Australia-based digital currency reportedly receiving backlash in its origin country. Macaskill is one of Blockchain New Zealand’s (Blockchain NZ) executive members, and he believes Qoin is a legitimate enterprise. 

According to the report posted online by New Zealand-based news and current affairs public broadcaster RNZ, Qoin is a cryptocurrency from Australia. It appeared to be making marketing efforts lately in neighboring New Zealand. In its home base, Qoin is reportedly facing criticisms regarding its operations.

The virtual currency that is a property of the same firm operating Bartercard has been grappling with adverse reactions following its expulsion from the industry organization Blockchain Australia. The issues centered on a perceived conflict of interest with Qoin owners BPS Financial Limited, also running Block Chain Trade Exchange, which is the sole marketplace on which Qoin can get traded.

Blockchain NZ relayed that it was looking at a submission regarding the removal of Qoin as a component due to concerns regarding its transparency of operations and legality. The council was yet to decide, though a firm operating a digital currency tied to a single marketplace was not unheard of, per Macaskill. He remarked that Blockchain NZ is not endorsing Qoin by any means.

Macaskill cited that there is, however, a global exchange that possesses its own cryptocurrency, and initially, investors could only avail of its own virtual asset on its own cryptocurrency exchange when it launches. Blockchain NZ’s executive member said that there are a few exchanges in the financial markets like that today. Macaskill cited that those digital assets get listed on other cryptocurrency trading platforms over time.

Moreover, he pointed out that developing a new virtual currency would take considerable effort and time to build awareness for the cryptocurrency offering and eventually get listed on other platforms. Blockchain NZ’s executive member also said that there were originally two blockchain organizations that merged within Australia. He cited that he knows about the friction between the open-source digital currency group and business blockchain firms that do not obey similar ethos. 

Macaskill remarked that he could see where cryptocurrency community members look at the controversial Qoin and have a negative perspective of their platform as they are not decentralized, immutable, and open-source. He pointed out that, although Qoin did not follow a specific philosophy there was opposition to it, such fact did translate to itself being illegitimate.

Qoin’s target is to attract “Mom and Dad” investors. The digital asset offered is useful for investment and paying for consumer services and products. The decision to delist Qoin from Blockchain Australia was a move that took place all of a sudden. Additionally, clear ground has not been given at the time.

On its official portal, Qoin relayed in a post that it is severely dismayed by Blockchain Australia’s decision. The cryptocurrency group defended that its operations had always been within regulatory guidelines. At the time of writing, the Financial Markets Authority of New Zealand would not give an opinion on whether or not it had obtained any complaints.

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