The Reserve Bank of New Zealand opened a new consultation period on a central bank digital currency (CBDC) on April 17.
The current stage of development seeks input on “high-level design options for digital cash.”
Digital New Zealand dollar
Current plans describe digital cash denominated in New Zealand dollars (NZD) that retail users can swap for physical cash, bank deposits, and other balances.
New Zealand’s Reserve Bank would be responsible for issuing the CBDC but would not provide the asset directly to users. Instead, the private sector, including banks and payment firms, would distribute digital cash to users and provide related services.
The Reserve Bank describes the CBDC as private, secure, and trustworthy, emphasizing that it will not control or monitor users’ CBDC spending.
The CBDC also aims to enhance financial inclusion. It will be broadly accessible and specifically cater to “unbanked users,” not requiring a bank account. It will support offline functionality,
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