The RBNZ (Reserve Bank of NZ) is keen for public input around the future role of CBDC's in New Zealand. It would be a mistake I feel, to think this isn't a big deal.
The Reserve Bank of New Zealand is New Zealand's central bank. It was established in 1934, and although not a government department, has been wholly owned by the government of New Zealand since 1936. Like most central banks, the Reserve Bank is primarily a policy organisation, and exists to do three main things:
So, why should you care about this topic. Well if you care for a chance to grow wealth in traditional markets, you’ll need financial stability. It’s hard to make a plan with your investing without knowing the returns and the risks. Between now and when you’re ready to spend the resource you’re trying to grow now, you need to know some things will never change. Today, you’ll hear how Central Banks around the world have been looking into this space of CBDC’s for quite some time. There’s been some progress I’m sure, but now stablecoins and decentralized finance could usher in some serious creative destruction. With the arrival of Blockchain powered, decentralized networks which can form the building blocks of an alternative financial system, there’s now a reason to move forward even faster. One of the roles of the central bank of NZ is to maintain an efficient financial system – but unless they ‘step up’ to the plate so to speak, the vacuum left behind could suck in other actors that may undermine NZ’s monetary sovereignty.
It was James A Garfield who said: ‘He who controls the money supply of a nation controls the nation.”
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