(Multimedia) New Zealand: Central bank gathers public opinion on digital currency – Xinhua

The Reserve Bank of New Zealand (RBNZ) has sought public input on implementing an electronic version of cash in the country.

WELLINGTON, July 16 (Xinhua) — The Reserve Bank of New Zealand (RBNZ) has sought public input on the implementation of an electronic version of cash in the country, which will be issued by the RBNZ.

Digital money provides people with another instant, secure and inexpensive way to pay for their daily needs without a bank account, it said in a statement on Tuesday.

The Reserve Bank of New Zealand expects a future in New Zealand with less cash, but rules out the possibility of cashless payments, she added.

“We will keep cash (notes and coins) as long as people want to use it to pay for their daily purchases,” she said in the statement.

She explained that the Reserve Bank of New Zealand is currently in the second phase of a multi-year project to consider the use of digital cash, having developed some principles and design options, adding that New Zealanders are encouraged to share their views on the subject.