The Reserve Bank of New Zealand calls for views on potential CBDC
The Reserve Bank of New Zealand, also known as Te Pūtea Matua, has launched a public consultation for a potential central bank digital currency (CBDC).
Reserve Bank of New Zealand ponders CBDC
The central bank is seeking views on an initiative its director of money and cash, Ian Woolford, says will help “enable a money and payments system that is innovative, competitive and contributes to the development of New Zealand’s digital economy”.
The consultation is set to begin on 17 April and will continue until 26 July, forming part of a multi-stage exploration expected to run until approximately 2030.
Woolford explains that the “digital cash” would be denominated in New Zealand dollars (NZD) and would be issued by the Reserve Bank.
“New Zealand’s money must innovate to stay relevant and useful and ensure our monetary sovereignty.”
“There is also a huge opportunity for digital cash to support competition and innovation by enabling our powerful fintech sector,” he adds.
To find out more about the CBDC landscape, listen to a recent episode of our What the FinTech? podcast, where Quant CEO, Gilbert Verdian, discusses the rise and future of CBDCs, and more.
Quant, a distributed ledger technology (DLT) specialist firm, has recently been tasked with developing a technology prototype to facilitate the experimentation phase of the Regulated Liability Network (RLN) in the UK.
