National digital currency/future of cash consultation opens

From today, the RBNZ is asking the public how it should perform its role as the country's steward of money and cash, and how it should assess the case for central bank money in a digital form alongside cash.

RBNZ assistant governor Christian Hawkesby says commercial banks and the wider cash industry need to seize opportunities and innovate to ensure that the cash, money and ways to pay continue to serve New Zealanders’ needs.

"We still have work to do to preserve cash and the cash system for those that need it," Hawksby says.

"At the same time, trends in cash use and availability along with digital innovation create opportunities to innovate as well as challenges. We believe these should be discussed widely and our consultations aim to encourage that.