RBNZ says no decision yet on central bank digital currency

div classBodysc17zpet90 cdBBJodivpReuters – The Reserve bank of New Zealand RBNZ said on Friday it had not yet taken a decision on a potential central bank digital currency CBDC but would continue to explore the option.p

pThe RBNZ had announced in September last year that it was seeking input from the public on the potential use of a CBDC – which is the digital form of an existing currency.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pSeveral countries are exploring the use of CBDCs, with the U.S. Federal Reserve releasing a muchanticipated paper on the pros and cons of adopting a digital dollar earlier this year. p

pThe RBNZ said feedback from the public had helped affirm the importance of privacy and autonomy when it comes to a CBDC and that this would be a focus of further policy work. p

p“Our view is that CBDC and cash would be complementary, rather than conflicting,” the central bank said in a statement.p

pIan Woolford, the RBNZs director of Money and Cash, added that the central bank was particularly focused on progressing concrete steps to improve resilience and efficiency in the cash system. p

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pp Reporting by Harish Sridharan in Bengaluru Editing by Aditya Sonip

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