New Zealand Trade and Consumer Affairs Minister Andrew Bailey has suggested that the government take a more lenient stance on cryptocurrencies, making recommendations for the development of the industry.

Andrew Bayly recommended that New Zealand authorities reconsider the country's approach to experimentation and innovation in the field of digital assets and blockchain. For New Zealand to become a key player in the cryptocurrency arena, it first needs to develop policies and operating rules for industry companies, Bailey said. In addition, it is necessary to promote closer cooperation between the government and participants in the crypto industry, as well as solve the problem of personnel drain by creating more favorable working conditions for developers.

“The current 'wait and see' approach may result in New Zealand not taking advantage of the blockchain and cryptocurrency industry,” the minister lamented.

We should not forget about the creation of training and educational resources on cryptocurrency topics, Bailey said. Tax benefits may be available for participants in the crypto industry, and in order to avoid associated risks, anti-money laundering (AML) rules need to be worked out in detail, the official added. In addition to the proposed recommendations, Bailey suggested that the Central Bank of New Zealand accelerate the development of its own digital currency (CBDC). The minister noted that these measures are long-term in nature, so government and regulatory authorities need to coordinate efforts to supervise crypto-assets.

However, the Governor of the Central Bank of New Zealand, Adrian Orr, has a different point of view. In February, he expressed serious concerns about stablecoins and Bitcoin, saying they could destabilize the global financial sector.