Reserve Bank of New Zealand to Consult on Potential CBDC

One central bank official says the future "will undoubtedly involve less cash."

AccessTimeIconJul 7, 2021 at 10:43 a.m. UTC
Updated Sep 14, 2021 at 1:21 p.m. UTC

The Reserve Bank of New Zealand will explore the potential for a central bank digital currency (CBDC) as part of a series of consultations to be carried out by the end of the year.

  • The central bank aims to consult on the "issues key to the future of how New Zealanders pay and save," Christian Hawkesby, assistant governor of the Reserve Bank of New Zealand, the country's central bank, said Wednesday.
  • One paper will explore the potential for a CBDC working alongside cash as a form of government-backed money.
  • "The future will undoubtedly involve less cash," Hawkesby said. "The potential for a CBDC to help address some of the downsides of reducing physical cash use is something we want to explore."
  • Other papers will focus on issues arising from cryptocurrency and stablecoins.
  • New Zealand's central bank joins its counterparts in the world's major economies in exploring the potential for a CBDC, with China leading the way. South Korea and Sweden both appear to have moved from exploration to testing in recent months.

Read more about


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.