The assistant governor of the Reserve Bank of New Zealand, Christian Hawkesby, said in his speech earlier this week that the country was not ready to consider developing and launching a CBDC of its own. In his speech, the assistant governor said that the bank remains open-minded about the possibility in the future and will continue to monitor developments in payments and other emerging technologies. Central banks across countries are currently experimenting with CBDCs.
“We must take a new and holistic approach to issue a digital currency.”
“To issue a digital currency that meets the needs of the public, we must take a new and holistic approach. We acknowledge there is much work to be done. We do not yet have all the answers, nor do we expect to find them alone. However, by working together with New Zealand, we want to be ‘on the money’ now and in the future,” Christian Hawkesby said in his speech. Speaking to the benefits of cash and existing payment systems, the assistant governor said these “have so far been not well replicated by electronic money.”
Central banks across countries continue to explore CBDCs.
As reported earlier, the Philippines’ central bank plans to look into how to improve the country’s existing payment system and draw upon other central banks’ CBDC research worldwide. The People’s Bank of China (PBoC) recently finished its national digital currency’s biggest trial and is now planning to issue it to the general public soon. Central banks of many countries are actively working on digital currencies. As reported earlier, Binance CEO Changpeng Zhao said that CBDCs could threaten bitcoin in the future. US Federal bank has also revealed that they are exploring the option of having a national digital currency.