Large-scale public discussions have started in New Zealand on the future of the country’s financial system, including the possibility of launching its own digital currency.
The discussions will take place in several stages. At the first stage, it is planned to receive feedback on the role of cash and identify the most pressing topics for subsequent discussions. Assistant Governor of the Reserve Bank of New Zealand Christian Hawkesby said:
“We will define not only our future actions as a financial system manager, but also what a stable monetary system in New Zealand should look like and how we should respond to innovations in payments and money. We will discuss the potential of government digital currencies and how they can work together with local currencies and digital assets such as cryptocurrencies and stablecoins, as well as how the financial system needs to be changed to meet the needs of users. ”
According to Hawksby, government cryptocurrencies are interesting enough for the regulator. However, this is not surprising, since most countries in the world are already researching or even developing digital currencies.
Earlier, the chief economist of the Bank of England Andy Haldane noted that the widespread use of digital currencies will affect the banking system at a fundamental level.