New Zealand Reserve Bank Says Future Digital Currencies Will Become More Realistic Than Cash

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....

The deputy governor of New Zealand's Reserve Bank (RBNZ) has said the institution is "not threatened" by the rise of bitcoin and digital currencies. According to a report in stuff.co.nz, deputy governor Grant Spencer made the comments this morning at Payments NZ, a two-day international payments industry conference in Auckland. Spencer's comments are in contrast to those of other central bank representatives over the course of this year, most of which have concerned warnings of bitcoin's investment risk and/or lack of legal tender status. "I do not doubt that future digital currencies will....

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....

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....