Reserve Bank of New Zealand: Why we're looking into digital cash \ stacker news ~bitcoin

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Reserve Bank of New Zealand: Why we're looking into digital cash www.rbnz.govt.nz/money-and-cash/digital-cash/why-were-looking-into-digital-cash/

690 sats \ 14 comments \ @k00b 4 Jun bitcoin

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100 sats \ 0 replies \ @TheBTCManual 5 Jun

If your country has a strong cash economy and informal markets, I wonder, does physical cash not just trade at a premium then because it will offer actual privacy? Or have we gotten to a point where most consumers discount privacy to zero and see no issue with it?

97 sats \ 1 reply \ @chungkingexpress 5 Jun

I have been following this situation here in New Zealand for a while including submitting feedback to the Reserve Bank and talking with some of their people.

Here is the post on X about Digital Cash: https://x.com/TTOVpodcast/status/1797905129729040829

Here is a podcast episode that explores the situation more with @jamesviggy: 🎧 The Reserve Bank of New Zealand’s Money Printer with James Viggiano

Despite the CBDC situation I am overall bullish on New Zealand's pragmatism. Everyone has trauma from the Covid response so blind trust in the State is much lower than before. We have a very strong Bitcoin community here and relatively accessible government and institutions, with Bitcoiners and Bitcoin-aligned people in influential positions.

12 sats \ 0 replies \ @jgbtc 5 Jun

If you're counting on government restraint you will be disappointed. Eventually they will use the CBDC for evil. It's guaranteed.

140 sats \ 1 reply \ @siggy47 4 Jun

It will also be private. We won't be able to see or control how you spend your money.

Whew! I was worried for a minute.

54 sats \ 0 replies \ @TheBTCManual 5 Jun

Lol good on them, just giving us all privacy by default

10 sats \ 1 reply \ @kingzing131 5 Jun

I think Bitcoin adoption just isn't happening fast enough.

It will be digital cash then Bitcoin.

most payment are already so digitalised, digital cash adoption isn't even a question in my mind.

100 sats \ 0 replies \ @TheBTCManual 5 Jun

I don't think the bigger economies see much adoption in terms of bitcoin as a payment rail yet, until it gets shut off or until their current payment rails become unreliable, whereas the rest of the world are like this is just better than cash and our local banks by a country mile

10 sats \ 0 replies \ @SatsMate 5 Jun

Australia, New Zealand, England - all these Western and "privileged" countries should soon be expecting digital cash to be introduced to them soon.

Sadly, they will opt into it because of the convenience, but in the end, they will be under the microscope of the IRS, and anyone in the government who wants to snoop.

It is a sad time to be in a western country - but this right here is why we need to do what we can to revolt and speak up! We gotta keep fighting because in the end, everything is on the line with the money.

10 sats \ 0 replies \ @0xbitcoiner 4 Jun

WTF ! This sounds like politicians talking, they say one thing one minute and then another the next.

New technologies and new forms of electronic money are always emerging.

These include:

stablecoins

cryptoassets (like Bitcoin or Ethereum)

decentralised finance.

Digital cash can take advantage of new innovative features like smart contracts.

[...]

Some other forms of digital money, like cryptoassets, are not denominated in New Zealand dollars. If a lot of people use them, it can pose a risk to our economy, the New Zealand dollar, and our monetary sovereignty. Monetary sovereignty is important because it means that New Zealand can:

independently manage its money

set interest rates

make decisions without being overly influenced by external forces.

99 sats \ 3 replies \ @Satosora 4 Jun

In the USA, its become a cashless society. I dont know about your area, but I dont see people using cash at the grocery stores and stuff. I usually see someone pull out a card.

10 sats \ 2 replies \ @guts 5 Jun

They won't if they know how programmable and dystopian CBDC is.

99 sats \ 1 reply \ @Satosora 5 Jun

Everyone complaining about it doesnt use cash though. Except maybe @DarthCoin. Everyone is getting their panties in a bunch over nothing.

11 sats \ 0 replies \ @om 5 Jun

I'm compaining about it and I use cash. Hint: not everyone lives in the USA

21 sats \ 0 replies \ @OT 5 Jun

If it’s not open source it might be difficult to verify whether it can really be private