The Reserve Bank of New Zealand said it plans to seek feedback from August to November on issues related to cryptocurrencies and stablecoins, as well as the potential for a central bank digital currency (CBDC). According to a press release, the watchdog will be consulting on issues of how New Zealanders pay and save over the remainder of 2021.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
Christian Hawkesby, Assistant Governor and General Manager of Economics at the Reserve Bank of New Zealand, says the regulator will not only be considering what it should be doing as steward, but what a "resilient and stable cash and currency system in New Zealand might look like."
"The first consultation will introduce and seek feedback on the broad concepts of money and cash stewardship, and outline specific topics to be covered in the rest of the series," Hawkesby added.
The move comes after New Zealand's tax office, Inland Revenue Department (IRD), required local crypto companies to reveal customers' personal details as well as the type and value of cryptocurrencies they are hodling.
Thus, the IRD wants to enhance New Zealand's understanding of the cryptocurrency environment "to help taxpayers meet their income tax obligations." Easy Crypto CEO, Janine Grainger, says the watchdog is "just widening its net of the tax base and crypto assets are something that is definitely growing in popularity, and we are seeing a huge increase in New Zealanders getting involved."
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.