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New Zealand: digital currencies set to become substitutes for cash?

Wednesday 12 November 2014 13:37 CET | News

Grant Spencer, Deputy Governor at New Zealand Reserve Bank, has claimed that digital currencies will become substitutes for cash, cryptocoinsnews.com reports.

He also claimed that the national Reserve Bank does not see Bitcoin-clad currencies as a potential threat to the current financial system. Still, the central bank expressed worry about both cyber-attacks and the involvement of the new entrants in the market, such as Google or PayPal.

Designated major companies in the financial sector, as well as new players must have their rules approved by the Reserve Bank and the Financial Markets Authority, but choosing to be designated was completely voluntary. New Zealand relied on persuasion and industry engagement rather than intrusive tactics.

According to the Heritage Foundation’s 2014 Index of Economic Freedom, New Zealand ranks fifth out of the top ten countries experiencing economic freedom behind Switzerland, Australia, Singapore and Hong Kong.


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Keywords: NZ, Reserve Bank, governor, digital currency, fiat money, substiture, prediction, bank
Categories: DeFi & Crypto & Web3
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DeFi & Crypto & Web3