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Future of money

Te moni anamata

This page outlines our work as steward of the money and cash system.

Our role as steward of the money and cash system in New Zealand

This role involves ensuring that the money we issue as a central bank continues to enjoy trust and confidence, and promotes financial and social inclusion. It also involves ensuring New Zealanders have access to money in forms that meet their changing needs and considers issues relating to innovation in money and payments, including the potential for a central bank digital currency.

Have your say — private innovation 

Money and Cash Policy Manager Robbie Taylor and Senior Policy Analyst JC Somers explain why we are consulting on a proposed approach to the opportunities and challenges from new forms of private money such as cryptoassets, including stablecoins.

We want to hear what you think about the issues which private innovation might raise for the Future of Money – Te Moni Anamata in Aotearoa New Zealand.


We know that the ways New Zealanders access and use money are changing.

Our objective at the Reserve Bank is to ensure that New Zealanders have reliable and efficient money and payment systems that support new, better ways of doing things, as well as financial and social inclusion.

Right now – as part of our ongoing work on the Future of Money – Te Moni Anamata - we want to know what you think about private sector innovations in money, including the likes of bitcoins, stablecoins, as well as other new forms of money.

We see both opportunities and risks from these, and are wondering if regulation is needed to protect New Zealanders, along with the stability of the financial system and wider economy.

To explain a little more this consultation is not about cash or Central Bank Digital Currency.

You can find out more about our past consultations and ongoing work in these areas in the Future of Money section on our website.

This consultation is about private sector innovation in money.

Most of us are used to seeing and using private money in the form of money in our bank accounts.

This bank money is regulated and well backed.

It is trusted and resilient, in part because we know we can exchange private money dollars one-for-one with central bank money – usually by withdrawing cash.

Other, newer types of private money, such as stablecoins, have the potential to increase competition, efficiency and service offerings provided they are also resilient and can be trusted.

This would be a good thing for New Zealanders.

But, these innovations might also cause harm if they don’t have sufficient financial backing, a stable value, or appropriate legal protections.

There might also be consumer protection, money laundering, privacy, or cybersecurity risks.

And, there might also be broader challenges to fair competition, trust in the monetary system, and to New Zealand’s monetary sovereignty.

So it’s vital that we fully understand the opportunities and risks from private sector innovations in money and we strike the right balance in any regulatory response to support competition and innovation while managing risks.

We do encourage you to read through our issues paper and to email us your thoughts on the private innovation issues that matter to you by 3 April 2023.

Thank you for your interest and for your time.

Your feedback will help shape the Future of Money – Te Moni Anamata here in Aotearoa.

Kia ora.

Our previous issues papers

Read about our previous consultations on stewardship of money and cash, central bank digital currency, and cash system redesign.

In September 2021, the Reserve Bank of New Zealand – Te Pūtea Matua initiated a comprehensive public consultation, The Future of Money – Te Moni Anamata – building on an earlier cash-focused work programme.

The first two papers, published in September 2021, explored the stewardship role of the Reserve Bank in relation to money and cash, and the issues and a proposed approach to developing a Central Bank Digital Currency (CBDC). The third paper was published in November 2021, and it set out issues and high-level options available for redesigning the cash system.

Submissions on the first two papers closed on 6 December 2021, and on 7 March 2022 for the third paper.

Future of Money – Stewardship | Te Moni Anamata - Kaitiakitanga

Future of Money – Central Bank Digital Currency | Te Moni Anamata – Aparangi ā Te Pūtea Matua

Future of Money – Cash System Redesign | Te Moni Anamata – He Whakahou i te Pūnaha Moni

The three consultations were published early in a multi-year work programme that will include further public consultation as options are narrowed and critical decision points near. A significant amount of work remains to be done on policy development:

  • clarifying the stewardship role;
  • further exploring the case for designing a CBDC; and
  • redesigning the cash system to extend its future to meet need and demand.

Overall, the high level of engagement from members of the public indicates that New Zealanders care deeply about the future of money. The valuable insights gathered through the recent consultations will help us prioritise and plan what will be a complex, comprehensive future work programme. This document summarises the key themes in the feedback received.

Read the Future of Money | Te Moni Anamata – Summary of responses to our 2021 issues papers (PDF 1.3MB)

Read the public responses to our 2021 issues papers