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Consultations on the launch of a digital currency have begun in New Zealand

Consultations on the launch of a digital currency have begun in New Zealand

The Reserve Bank of New Zealand has launched a consultation on the possible launch of a central bank digital currency (CBDC).

Source:https://www.rbnz.govt.nz/hub/news/2024/04/consultation-opens-on-a-digital-currency-for-new-zealand

“This will be the first digital form of New Zealand currency supported by the government and available to the public. Physical cash in the form of notes and coins will still be available, so people will have the option of using either digital or physical cash,” the central bank said.

Access to digital currency does not require a commercial bank account, but a digital wallet, payment card or phone application. Digital cash is promised to be private, safe and secure – the Reserve Bank won’t monitor or see how customers spend money.

The Reserve Bank’s director of monetary affairs, Ian Wolford, believes that the launch of the CBDC will support competition and innovation, creating the conditions for the development of a strong fintech sector.

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