Reserve Bank of New Zealand considers possibility of introducing CBDC
The Reserve Bank of New Zealand (RBNZ) is considering the possibility of issuing a Central Bank Digital Currency (CBDC) in the country. In an effort to get the public’s views on the matter, a discussion paper was released today.
Central banks in many countries are launching or planning to launch CBDC. With cryptocurrency prices on the rise, the idea begs to be explored. For example, the People’s Bank of China is already testing the digital yuan and plans to launch it during the Beijing Winter Olympics in 2022.
Unlike China, the Reserve Bank of New Zealand is only considering introducing digital currency in the country. The RBNZ has published a document on its website to inform the public and to get feedback on the issue. It details what the new payment instrument will entail and what it will mean for the people of New Zealand. However, the document clearly states that there are no immediate plans to launch the digital currency. The central bank is confident that it will take a long time to develop and introduce.
Benefits of CBDC
The RBNZ believes that the digital currency will provide benefits to the monetary system. It will strengthen the national currency, the New Zealand dollar, as well as provide an accessible medium of exchange for individuals and companies wishing to trade in digital assets. In addition, the central bank’s digital currency will make national money more functional.
In the press release the Reserve Bank noted that digital forms of payment are the preferred method of payment for most New Zealanders, and there will undoubtedly be less use of cash in the future. The RBNZ is asking the public to have their say on the idea of CBDC by 6th December.
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