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The RBNZ Hasn't Made A Decision on Central Bank Digital Currency Yet

Cameron Murphy

Apr 29, 2022 09:31

The Reserve Bank of New Zealand (RBNZ) announced on Friday that it had not made a decision on a possible central bank digital currency (CBDC), but that it would continue to look into the possibility.


The Reserve Bank of New Zealand (RBNZ) said in September last year that it was seeking public feedback on the usage of a CBDC, which is a digital version of a current currency.


Several nations are looking into using CBDCs, with the Federal Reserve of the United States issuing a much-anticipated report on the advantages and disadvantages of adopting a digital currency earlier this year.


The RBNZ said that public comments had helped to confirm the significance of privacy and autonomy in a CBDC, and that this will be a priority of future policy work.


In a statement, the central bank said, "Our belief is that CBDC and cash would be complimentary, rather than competing."


The RBNZ's director of Money and Cash, Ian Woolford, noted that the central bank was especially focused on taking real actions to strengthen the cash system's resilience and efficiency.

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