New Zealand’s central bank consulting on development of digital currency

NEW Zealand’s central bank is looking at the possibility of creating a digital currency and has begun consulting on design options, it said in a statement on Wednesday.

“It would be a new type of money in addition to the banknotes and coins we have today, and the electronic money in your bank account,” said Ian Woolford, director of Money and Cash at the Reserve Bank of New Zealand.

He added that it would be the first digital form of New Zealand currency backed by the government and available to the public.

This stage of the consultation ends in 2024, but the central bank expects development work on the digital currency to take until 2030. REUTERS