Andrew Bayly, the Minister of Commerce and Consumer Affairs, warned that New Zealand’s “wait and see” approach could lead to missing out on the benefits of development in the digital asset industry.
A New Zealand ministry focused on shaping the nation's economic strategy has proposed adopting a more accommodating stance towards cryptocurrency innovations. The ministry put forward several recommendations aimed at fostering the growth of digital assets within the country.
Andrew Bayly, the Minister of Commerce and Consumer Affairs of New Zealand, recommended revamping the country’s sluggish approach toward experimenting and adopting innovations on digital assets and blockchain technology. He urged the government to support the development of the crypto industry and consider appropriate policies to manage related risks.
In response to the inquiries by the Finance and Expenditure Committee into cryptocurrencies, Bayly’s office said:
