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

Status: Open for consultation

30 September 2021

Part of the Future of Money – Te Moni Anamata programme, and following on from the Future of Money – Stewardship paper, this issues paper sets out the Reserve Bank’s view of the high-level policy opportunities and challenges that a CBDC may confer.

Read more about the Future of Money – Te Moni Anamata

Trends in cash use and innovation in money present an opportunity for the Reserve Bank to consider broadening central bank money to include a widely available digital form, and so continue to meet the needs of New Zealanders. The declining use, acceptance and availability of cash in New Zealand, and emerging innovations in private money, namely stablecoins, make this an opportune time to consider a central bank digital currency (CBDC).

The Reserve Bank’s initial CBDC considerations are focused on the public policy case for, or against, a CBDC that would be available to all individuals, communities and businesses. We refer to this as a ‘general-purpose’ CBDC.

Consultation closes at 10am on 6 December 2021.