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Reserve Bank considers new digital currency, aims to 'spur competition'

Author
Newstalk ZB,
Publish Date
Wed, 17 Apr 2024, 8:31am
Photo / Getty
Photo / Getty

Reserve Bank considers new digital currency, aims to 'spur competition'

Author
Newstalk ZB,
Publish Date
Wed, 17 Apr 2024, 8:31am

The Reserve Bank's opened consultation on the possibility of a government-backed digital currency.  

The central bank is currently researching such an option.  

It would be used alongside physical cash.  

Director of Money and Cash Ian Woolford told Mike Hosking their view is that there's not enough innovation and efficiency in the financial system.  

He says they hope a central bank digital cash will spur this. 

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