The Reserve Bank of New Zealand (RBNZ) initiated a 101-day public discussion on their proposed principles and design choices for the country’s digital currency. Nevertheless, it’s important to note that the central bank intends to delve deeper into the matter of issuing a Central Bank Digital Currency (CBDC) in subsequent consultations.
The Reserve Bank of New Zealand (RBNZ) plans to introduce a digital version of the New Zealand dollar in four steps, with the goal of making this “digital dollar” available by 2023. Currently, RBNZ is in the second phase of its project, which entails examining advanced design concepts for a digital currency and related consultation and budgeting matters.
Beginning on the 17th of April, the country’s central bank made public a discussion document with the goal of gathering input on the potential development of digital currency in New Zealand. Public comments will be accepted until the 26th of July.
The consultation document advocates for the adoption of Central Bank Digital Currencies (CBDCs), emphasizing the importance of coordinating with other central banks and acknowledging the downward trend in cash transactions.
“Cash is no longer a core payment medium for many people. The frequency of cash use by New Zealanders continues to fall.”
The consultation document poses 12 queries covering four major areas: your views on New Zealand’s Central Bank Digital Currency (CBDC), advantages of digital money, how to design it strategically, and controlled distribution. The Reserve Bank of New Zealand (RBNZ) believes that introducing a CBDC together with an effective framework could stimulate advancements in our local payment system.
At the same time, the Reserve Bank of New Zealand is creating different versions of its digital currency consultation document, which will be released in late May.
Andrus Bayly, New Zealand’s ministry head for commerce and consumer affairs, has raised concerns over the nation’s slow pace in exploring and implementing digital assets and blockchain tech innovations.
In reply to the questions from the Parliamentary Finance and Expenditure Committee concerning cryptocurrencies, Bayly’s team made the following statement:
“The current ‘wait and see’ approach could risk New Zealand missing out on the benefits of development in the digital asset industry.”
The ministry’s experts proposed eight essential steps for New Zealand to rejoin the international crypto trend. These suggestions involve implementing policies and laws that foster advancements in digital currencies and blockchain technology, as well as boosting partnerships between government entities and industry innovators.
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2024-04-17 14:43