New Zealand tests the water on ‘digital cash’ issuance
New Zealand’s central bank has taken a four-stage approach to CBDC issuance and aims to issue an in-house digital dollar by 2023.
The Reserve Bank of New Zealand (RBNZ) opened a 101-day public consultation on the principles and design options it created for the nation’s digital dollar. However, the central bank plans to discuss the issuance of a central bank digital currency (CBDC) in future consultations.
RBNZ has taken a four-stage approach to CBDC issuance and aims to issue an in-house digital dollar by 2023. New Zealand’s central bank is in the second stage of its digital cash initiative, which involves exploring high-level design options for digital cash and related consulting and budgeting.
On April 17, the central bank released a consultation paper to help determine “future work on whether digital cash is right for New Zealand.” The consultation closes on July 26.
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Author: Arijit Sarkar
