New Zealand Reserve Bank Seeks Public Consultation On Digital Cash

According to Foresight News, the Reserve Bank of New Zealand has initiated a consultation process on digital cash, set to conclude on July 26. The consultation document invites citizens to provide feedback on the design of digital cash, whether it should bear interest, and if there should be a holding limit. The central bank is considering a holding limit of 2000 US dollars, similar to the digital Euro benchmark. Digital cash will be distributed by the private sector, and New Zealanders will have the option to choose the services they use. Furthermore, digital cash will be priced in New Zealand dollars and can be exchanged 1:1 with physical cash, available round the clock.