Today the Reserve Bank of New Zealand announced plans to explore the potential for a central bank digital currency (CBDC) as well as issues arising from crypto-assets and stablecoins.
“Knowing that the money held in our bank accounts can be withdrawn in central bank money backed by the New Zealand government – currently only available through physical cash – is an unspoken promise which helps promote trust in banks and the financial system,” said Assistant Governor Christian Hawkesby.
He continued, “The potential for a Central Bank Digital Currency to help address some of the downsides of reducing physical cash use and services is something we want to explore for New Zealand. A CBDC, similar to digital cash, might well be part of the solution, but we need to test our assessment of the issues and proposed approach before developing any firm proposals.”
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