New Zealand is Not Exploring Crypto Regulation, but Recommends Increased Vigilance

CoinDesk
CoinDesk

30 Jun 2023 10:53 AM

"Issues raised by crypto-assets and other innovations do not fall neatly within agency boundaries," said Ian Woolford, Director of Money and Cash, Reserve Bank of New Zealand....

  • The Reserve Bank of New Zealand (RBNZ) will not propose a regulatory approach towards stablecoins and cryptocurrencies.
  • Instead, the RBNZ will recommend increased vigilance in dealing with these assets.
  • The decision was made after receiving 50 submissions from stakeholders during a consultative process.
  • The RBNZ acknowledges the risks and opportunities associated with crypto-assets but believes caution is needed.
  • The central bank is exploring the potential for a central bank digital currency (CBDC) but has not made a decision yet.
  • Binance has registered as a financial service provider in New Zealand, while Huobi has ended derivatives trading services in the country.

The sentiment of the article is neutral. The Reserve Bank of New Zealand is not proposing a regulatory approach towards stablecoins and cryptocurrencies but is recommending increased vigilance. The bank acknowledges the risks and opportunities associated with these assets but believes caution is needed. The exploration of a potential central bank digital currency is mentioned, but no decision has been made yet.

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What is the Reserve Bank of New Zealand's approach towards stablecoins and cryptocurrencies?How did the RBNZ reach its decision regarding regulatory measures?What is the RBNZ's stance on central bank digital currency?Which cryptocurrency exchanges have made recent moves in New Zealand?What were the key findings from the consultative process conducted by the RBNZ?

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