CBDC: New Zealand not planning to launch a digital currency

  • New Zealand currently has no plans for a CBDC project.
  • Other countries keep exploring digital currency projects.

Despite the growing numbers of countries working on a Central Bank Digital Currency (CBDC), a senior executive in the apex bank of New Zealand has made it known that the country currently has no plans to launch a similar project.

Christian Hawkesby, assistant governor of the Reserve Bank of New Zealand, in a speech he delivered earlier in the week, said that the government of New Zealand was not in any way presently thinking about creating and integrating a CBDC project into its economy.

However, he made it known that the bank and the government, could in the future, look at the possibility of launching a digital currency that would complement the physical cash of the country.

He further points out that the current existing cash systems and the available gateway system have some inherent benefits that the digital currency might not currently replicate. This, he believes, with the cooperation of others, would be looked at holistically with a view of finding lasting answers to all the posed questions.

Other Countries keep exploring CBDC projects.

Other countries have continued to look at how they can integrate the CBDC project with their current cash system and the existing payment gateways.

Most of these countries have reiterated that the new project would only complement their current physical cash. The CBDC project aims to help citizens ease payment methods and make transactions as seamless as possible.

China, Japan, Russia, Japan, Bahamas, and most recently, the Philippine has been working on a digital currency project with some of these countries already integrating this payment system into their economic system while others are still reflecting on how the system can be integrated into their economies.

The European Central Bank (ECB) has also commenced operations in the digital currency project as they do not want to be left behind.

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