According to a central bank executive, New Zealand financial authorities are in no hurry to issue a central bank digital currency.
where Christian Huxby, assistant governor of the Reserve Bank of New Zealand, claimed that the country had no imminent plans to issue a digital currency to the central bank.
In a speech on Monday, Huxby said the bank remains open about further advances in money and payment technologies, and has been actively involved in central bank digital currency research. .
He explained: To produce a coin that caters to the public, we must take a new and comprehensive approach. We acknowledge that there is much work to be done. We don't have all the answers yet, and don't expect to find them on our own. However, by working with New Zealand, we want to be at the forefront of the financial arena now and in the future.
The Assistant Governor of the Reserve Bank of New Zealand also highlighted a plethora of monetary advantages, claiming that they have not yet been replicated well by electronic money.
According to Huxby, these benefits include paper money, instant personal settlement, emergency offline backup payments, as well as privacy and independence of savings and payments.
Huxby's statement reflects the recent allegations of the head of the US Federal Reserve, Jerome Powell. On October 19, Powell said that the United States would not issue a digital dollar until the Federal Reserve answered all questions about a potential central bank digital currency including users' privacy and safety.
Powell claimed that the central bank's digital currency is one of those issues where it is more important for the United States to do it correctly than it is the first, stressing that There is still a strong demand for cash in the country.
Hawksby also stressed that despite the decrease in the use of transactions, cash circulation in the country continues to increase. He said this is likely due to its usefulness to some as a store of value.
