Reserve Bank of New Zealand is looking for public opinion on the digital currency of the central bank -
Reserve Bank of New Zealand is looking for public opinion on the digital currency of the central bank -
The New Zealand central bank has teamed up among the currency authorities in order to examine the question of issuing their own digital currencies. The financial supervisory authority is now asking the public for feedback on the need for a digital form of the national Fiat and at the same time promises to receive cash.
The New Zealand central bank is considering risks and advantages of CBDC
Reserve Bank of New Zealand ( rbnz ) now collects contributions from the public to the possible use of a digital central bank currency ( cbdc ), reported Reuters after a Announcement published on Thursday by the bank. The deputy governor of the RBNZ, Christian Hawkesby, assured that the tax authorities are still working on getting “cash and the cash system for those who need:
A digital currency of the central bank would see the characteristics and advantages of cash in the digital world and work together with cash and private money on commercial bank accounts.
The high -ranking official stated that a CBDC could benefit both individuals and companies by facilitating the establishment of the establishment of more efficient and integrated platforms. A digital New Zealand dollar could also help protect the country's currency sovereignty. Hawkesby, who is also General Manager of Economics, Financial Markets and Banking, was cited with the words:
As an administrator, we want to ensure that our central bank money remains a stable value anchor for the monetary system and is available as a fair and equal payment and savings option- so that New Zealanders have access to money that needs to suit you and your changes.
At the same time, the banker admitted that a digital currency would bring certain operational risks, including those with cyber -proof character, and would affect the traditional financial sector. Hawkesby then emphasized that every decision on the introduction of a CBDC must carefully consider these factors.
In an accompanying paper on the explanation, the Reserve Bank of New Zealand pointed out the declining use and acceptance of paper money in the country, which could be another important motive for the coinage of a national digital printing. The financial institution also emphasized innovations in the area of private money, such as the advent of stablecoins.
Other central banks in the region are already cooperating on the CBDC front. Reports were published at the beginning of September that the Reserve Bank of Australia, Bank Negara Malaysia, the Monetary Authority of Singapore and the South African Reserve Bank are preparing to test the use of state digital currencies in international payment transactions. The banks explained that the
The studies are directed by the Bank's Innovation Hub for International Payment Compensation (BIZ) to determine whether digital currencies of the central banks can simplify transactions and reduce their costs. The hub leads a similar project between China, Hong Kong, Thailand and the United Arab Emirates, while cooperate with the bank of France and the Swiss National Bank to deal with digital wholesale currencies in border crossing Test payment transactions. Central banks in dozens of countries around the world are currently working on the development and introduction of CBDCs probably the most advanced project. The US note bank , Bank of Russia , and the European central bank also make progress in the output of own digital currencies. Do you think that the Reserve Bank of New Zealand will eventually decide to publish a national digital currency? Share your expectations in the comment area below. Bedy verification : Shutterstock, Pixabay, Wiki Commons