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New Zealand’s central bank wants to implement a digital currency

Across Juliette Sabrana | Published on 09/07/2021 at 03:13 PM | Updated on 09/07/2021 at 15:52

New Zealand’s central bank has partnered with other central banks around the world to create a digital version of their currency.

Cryptocurrencies and their emergence will be at the center of the discussion and public consultations will be held to discuss the future of the currency and the Kiwi financial landscape. A series of multiple papers on payments and cash issues is expected to be issued between August and November 2021.

We want to explore the potential of a central bank digital currency

Reports have already shown the importance of cash to traders, but digital currency can be used in parallel; Deputy Governor Christian Huxby He explains: We want to explore the potential of a central bank digital currency to help mitigate some of the downsides of reducing the use of physical liquidity and services for New Zealand. A CBDC (central bank digital currency), similar to a digital treasury, may be part of the solution, but we need to test our assessment of the issues and proposed approach before developing any firm proposals. So far, 44% of New Zealanders are not concerned about the reduced availability of money to pay for everyday things.

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