New Zealand’s central bank doesn’t want to rush to CBDC
RBNZ Deputy Chairman Christian Hoxby Indicates Reduced Use of Cash
Central Bank has no plans to launch digital currency yet, but remains open to progress
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One of the hottest topics for discussion in the world remains the issue of issuing digital currencies of central banks (CBDC), and so far alone countries are modestly silent, others (led by China) do not hide their plans to create a cryptocurrency
In turn, the Reserve Bank of New Zealand is considering this introduction of its own digital currency, but sees no reason to rush to implement the plan.
In his recent speech to the Royal Numismatic Society of New Zealand, RBNZ Vice Chairman Christian Hoxby shed light on the country’s position on CBDC.
During his speech, the official raised questions about the role of cash during the COVID-19 pandemic, trends in the digital currency industry and the country’s central bank plans for the future..
Cash in the past?
Cash is less used as a means of payment and overall access to cash is declining, Hawksby says..
Today, most of New Zealand’s financial balances are digital, with paper notes accounting for only 7-9% of total liquidity..
At the same time, the deputy head of the RBNZ stressed that cash has its own advantages, for example, in the case of P2P payments, and also pointed to an increase in demand for cash in the first months of the coronavirus epidemic. In the second quarter, the volume of cash in circulation continued to increase, added Hawksby.
He also acknowledged that the central bank must look to the future and remain open to progress. At the same time, Hawksby made it clear that the regulator is in no hurry to engage in the actual implementation of the idea of creating a digital currency in the country..
Despite the fact that New Zealand does not want to rush and follow the example of China, the very fact that the official mentioned the existence of such plans suggests that the monetary authorities are following the trends in the world, where already 80% of central banks are actively studying the issue. introducing CBDC.
Australia, New Zealand’s closest neighbor, said earlier this month that it would not rush to release its digital currency..
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