Bitcoin reached a new all-time high in June when it inched close to the $3,000 mark after an impressive six-month rally that saw the cryptocurrency triple in value. Unsurprisingly, bitcoin has been all over the media in the past few months as global adoption and the demand is increasing. However, adoption rates are faster in some countries, such as Japan, China, and India than others. One of the countries where bitcoin adoption is slower than expected is New Zealand.
According to a report by local news publication, bitcoin adoption has been slow in New Zealand because it is not that easy to actually buy bitcoin locally using the New Zealand dollar. Bitcoin buying options for New Zealanders are effectively limited to peer-to-peer exchanges such as LocalBitcoins and Paxful, where buy prices usually come with a high premium and the country only has a handful of local exchanges, such as NZBCX and Cryptopia.
There is also the bitcoin exchange Coined, which allows users to buy the cryptocurrency using online bank deposits but on its website, it states, “The [bitcoin order] queue has been full for six days, five hours. Coined’s current bitcoin reserves have been depleted due to high demand. Use the form below to receive notification when your order can be placed.” Also, according to news publication Stuff, there is a bitcoin ATM in an Auckland bar that has not really attracted many users.
The reason for the limited buying options in New Zealand is the challenges that both bitcoin startups and individual bitcoiners are facing when dealing with local banks. Unfortunately, this is not a new phenomenon in the Bitcoin economy and has also been a prevalent issue in the United Kingdom where banks have closed bank accounts of users who have purchased bitcoin using bank transfers and have