RBNZ to Hold Consultations on Potential CBDC Issuance

The Reserve Bank of New Zealand announced that it would study the potential of a national digital currency (CBDC) by the end of the year as part of a series of consultations.

According to Assistant Governor Christian Hawkesby, the regulator intends to determine “how New Zealanders pay and save”.

The study will pose questions about the possibility of replacing cash with CBDCs, the challenges posed by cryptocurrencies and stablecoins, and the need to modify the cash-issuance system to meet citizens’ needs.

In 2017, the New Zealand Financial Markets Authority had already equated digital-currency transactions with securities transactions.

Earlier the Reserve Bank of Australia announced it was studying the possibility of issuing a wholesale CBDC based on Ethereum.

According to Raiffeisen Bank, 10% of countries by 2025 will have their own digital currencies and exchanges for trading them.

Subscribe to the ForkLog channel on YouTube!