Future of Money – Cash System Redesign | Te Moni Anamata – He Whakahou i te Pūnaha Moni
Status: Open for consultation
30 September 2021
Part of the Future of Money – Te Moni Anamata programme, and following on from papers exploring Stewardship of Money and Cash, and the potential for a Central Bank Digital Currency, this issues paper seeks feedback on issues facing the cash system and options to keep Aotearoa’s cash system ‘fit for purpose’.
The paper outlines a range of external drivers facing the cash system that will lead to significant resilience issues for the cash system if left unchecked. It sets out 16 possible policy responses that could help deliver a fit for purpose cash system and 8 policies that could operate as a coherent ‘bundle’ to appropriately shape incentives and address our objectives.
Options discussed include consolidating public and private cash sector functions into one or more public utilities, banks paying merchants that provide cash out services on their behalf, requiring some merchants and government agencies to accept cash, and requiring banks to provide cash services.
Consultation closes at 10am on 7 March 2022.