New Zealand Central Banker: Cryptocurrencies Could Supplant Cash
Geoff Bascand, deputy governor and head of operations at the Reserve Bank of New Zealand (RBNZ) has said that digital currencies could one day evolve to supplant cash as we know it. In a recent speech delivered to the Royal Numismatic Society in Wellington over the weekend, Bascand described digital currencies as a "challenge to the form and provenance" of money. He outlined a number of advantages associated with digital currencies, along with the more or less usual list of concerns and risks. Advantages and drawbacks. Bascand said digital currencies like bitcoin were created as an....
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The central bank of New Zealand has lined up among monetary authorities exploring the question of issuing their own digital currencies. The financial regulator is now seeking feedback from the public about the need for a digital form of the national fiat while also promising to preserve cash.
New Zealand Central Bank Considers Risks and Benefits of CBDC
Reserve Bank of New Zealand (RBNZ) is now gathering input from the public on the potential use of a central bank digital currency (CBDC), Reuters reported following an announcement released by the bank on Thursday. Assuring that....
The central bank of New Zealand has outlined the major benefits of CBDC designs based on blockchain technology. The Reserve Bank of New Zealand (RBNZ) published an issue paper providing its perspective on central bank digital currencies (CBDC).The paper outlines CBDC purposes, designs, as well as the potential benefits and associated risks. The bank will be seeking comments on the proposed paper until Dec. 6.The document focuses on a “general-purpose” CBDC that is a digital currency issued to “any individual or business that wants to use it.”“Such a ‘general-purpose’ CBDC would be closer....
New Zealand deputy governor Grant Spencer says New Zealand's central bank, the Reserve Bank of New Zealand, is not threatened by Bitcoin, but is eventually planning to tighten regulation. In a speech delivered to the Payments New Zealand's premier industry conference on November 11 in Auckland, deputy governor Grant Spencer stated: "However," continued Spencer, "I do not doubt that future digital currencies will become more realistic substitutes for cash." "As the currency issuer, the Reserve Bank does not feel threatened by Bitcoin which seems to behave more like a commodity than a....
New Zealand Reserve Bank. Deputy governor Grant Spencer of the New Zealand Reserve Bank commented on digital currency during his speech at the Payments New Zealand conference in Auckland. His feelings toward digital currency looks hopeful and positive compared to the response from other countries. "As the currency issuer, the Reserve Bank does not feel threatened by Bitcoin which seems to behave more like a commodity than a currency." According to stuff.co.nz, Spencer continued his comments on digital currency, giving a favorable opinion on the future. "However, I do not doubt that future....
The Reserve Bank of New Zealand will look at the potential for a CBDC “to work alongside cash as government-backed money,” and assess the issues around the emergence of crypto assets such as stablecoins. The Reserve Bank of New Zealand says a central bank digital currency might be a “solution” to the ongoing reduction in the use of cash and that it will look more closely at the use of cryptocurrencies.The bank will open up public consultations regarding a CBDC and the emergence of new digital forms of money including stablecoins. We'll be consulting extensively over the remainder of....