Reserve Bank of New Zealand consults public regarding CBDCs

The public consultation reflects the needs of the RBNZ to stay current with digital assets’ new reality

The Reserve Bank of New Zealand (RBNZ) announced this Thursday through an announcement that it is gathering information with the public about how they should perform “in their role as steward of money and cash, and how they should assess the case for central bank money in a digital form alongside cash”.

According to Assistant Governor Christian Hawkesby, the RBNZ is continuing its policy program, Te Moni Anamata, that is focused on the Future of Cash while still working to preserve cash and the cash system. 

However, the bank wants to keep up with the trends regarding cash use and availability along with digital innovation to “create opportunities to innovate”. Hawkesby said that RBNZ believes these should be discussed widely and their consultations aim to encourage those innovations. 

The Assistant Governor also stated that a Central Bank Digital Currency “would see the features and benefits of cash enjoyed in the digital world, working alongside cash and private money held in commercial bank accounts”.

“It could make for much more efficient and integrated platforms benefiting individuals and businesses, as well as protecting monetary sovereignty. However, any decision to issue a CBDC would need to carefully consider operational risks, such as cyber security, and impacts on the financial sector.

-Assistant Governor Christian Hawkesby

With those new steps, New Zealand gets in line with other countries such as Brazil, India and many more that have CBDCs in their radars. The adoption of Central Banks’ Digital Currencies signal that banks recognize the revolutionary power of cryptos and don’t want to stay behind when it comes to those innovations.   

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