MNI BRIEF: RBNZ Seeks Public Comment On A Possible Digital NZD

The Reserve Bank of New Zealand on Thursday asked for public comments on "the future of money," and said it is assessing the case for a central bank digital currency.

RBNZ Assistant Governor Christian Hawkesby released three discussion papers on the Future of Money – Stewardship and Future of Money – Central Bank Digital Currency and said the central bank was assessing the role a digital currency could play alongside cash in the NZ economy.

"We still have work to do to preserve cash and the cash system for those that need it," Hawkesby said. "At the same time, trends in cash use and availability along with digital innovation create opportunities to innovate as well as challenges. We believe these should be discussed widely and our consultations aim to encourage that."

In Asia, the Bank of Japan is studying a digital currency and the People's Bank of China is expected to have one in use as early as the Winter Olympics in February of next year, see: MNI INTERVIEW: A Future Digital Yen May Pay Interest-BOJ Exec.