The Reverse Bank of NewZealand is looking deeply into retail CBDCs.

The Reserve Bank of New Zealand revealed that it is looking into central bank digital currencies, but it has no imminent plans for introducing one.

The Reserve Bank of New Zealand is open to digital currencies. However, the Assistant Governor, Christian Hawkesby, said that there are no imminent plans to issuance a central band digital currency (CBDC). Talking at the Royal Numismatic Society of New Zealand conference, the Assistant Governor said that “cash is being used less as a means of payment and access to cash is declining.” The debate surrounding the issuance of CBDC continues to catch momentum worldwide. 

 

“The future of money will be a subject of concern for many central banks around the world.”

Though New Zealand has not laid out any plans for issuing national digital currency, the Assistant Governor said that it is essential to consider all customers’ needs in the economy. He maintained that cash had its benefits, just like the peer-to-peer payments. He noted, “We encourage every banking sector participant to consider their role in supporting the needs of their customers, including those who depend on cash for their everyday needs.” According to Christian Hawkesby, the future of money will be a subject of concern for many central banks around the world. 

 

Central banks around the world continue to experiment with CBDCs. 

Central banks across the world have expressed interest in CBDCs, and many of them are working actively on the same. The People’s Bank of China (PBoC) is all set to become the first major nation to launch its national digital currency. The central bank has been working on its national digital currency, dubbed DCEP, for the last five to six years and is now very close to issuing it to the general public. As reported earlier, the Bank for International Standards revealed that CBDC was more searched than bitcoin and Libra this year.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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