Stablecoins News: An important digital currency statement came from the New Zealand central bank today. The bank announced that they will spend the coming months consulting with the public on issues ranging from stablecoins to central bank digital currencies (CBDCs).
New Zealand accelerates digital currency work
The roadmap was detailed in a statement Wednesday. It is stated that it will advance previous work in the field of future payment approaches in New Zealand.
Christian Hawkesby, Deputy Governor of the Reserve Bank of New Zealand, said in a statement:
“We will consider not only what we should do, but what a flexible and stable monetary system might look like in New Zealand and how we can best respond to digital innovations in money and payments.”
In addition, the following statements were included in the statement:
“The initial consultation will introduce and seek feedback on the broad concepts of money and cash management, and outline specific issues to be covered in the remainder of the series. Subsequent articles will look at the potential of a Central Bank Digital Currency (CBDC) to work alongside cash as government-backed money, issues arising from new forms of electronic money, including crypto assets (such as BitCoin) and stablecoins (as suggested by) ”
According to Hawkesby, a CBDC is “something New Zealand would like to explore.”
Given the growing number of CBDC trials among central banks and financial institutions, it is not surprising that New Zealand is doing research in this area.
Late last month, the Bank of International Settlements took action to promote CBDC testing, highlighting in a report that private assets such as national digital currencies cash and stablecoins could exist in the market.