New Zealand will not adopt a digital currency for now

2020-10-20 12:58

Despite not being ready to introduce its own digital currency, the Reserve bank of New Zealand is exploring the option

The Bank for International Settlements released a report back in January revealing that more than 80% of the world’s central banks were studying CBDCs.

Today, the bank’s Assistant Governor, Christian Hawkesby, announced the bank was still researching a state-issued digital currency, but added that there were “no immediate plans to launch a CBDC.”

“CBDCs present a range of high-level benefits and challenges,” he explained while speaking at the Royal Numismatic Society of New Zealand conference.

The country has been researching digital currencies for about two years now. The first significant moment during this period was when the government published a newsletter highlighting the benefits and drawbacks of a CBDC.

Hawkesby talked about the BIS report, briefly mentioning the reasons why countries are poring over digital currencies. Some of the reasons he stated were reduced use of physical money, the impression that foreign currencies are popular, and overdependence on physical money that cuts some people out of the system.

Though the country and many others are researching the option, New Zealand probably won’t adopt a digital currency soon, with the Bahamas and China remaining at the forefront of CBDC development. China recently conducted a CBDC (digital yuan) program in Shenzhen and the Bahamas will be gradually issuing its digital currency nationwide this week after running a successful pilot project last year.

The post New Zealand will not adopt a digital currency for now appeared first on Coin Journal.

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