The Reserve Bank of New Zealand (RBNZ) is exploring a central bank digital currency, which will help enable a money and payments system that is innovative, competitive and contributes to the development of the country’s digital economy.
The “digital cash” would be a new type of money in addition to banknotes, coins and electronic money in people’s bank accounts, RBNZ Director of Money and Cash Ian Woolford said on Wednesday. “Digital cash would ensure that central bank money is available to all New Zealanders and able to be used digitally,” Woolford said, adding it would be the first digital form of New Zealand currency backed by the government and available to the public. —APP
