New Zealanders Express Concerns Over CBDC Implementation

According to PANews, the Reserve Bank of New Zealand has released the findings of its Central Bank Digital Currency (CBDC) survey, initiated in April. The survey garnered 500 detailed responses and involved 18,000 participants in an open online poll. A significant 90% of online respondents expressed concerns that the government might use CBDCs to monitor or control their spending. Additionally, over 70% of participants indicated a lack of trust in the Reserve Bank's issuance of digital currency. However, among those involved in the comprehensive consultation, only 36% expressed distrust. A broader issue highlighted by the survey is whether respondents agree with the rationale for exploring digital currency. Only 16% of participants supported the investigation into digital cash, while more than 80% disagreed. The central bank outlined its reasons for considering a CBDC, which include ensuring that New Zealanders can access central bank money and use it digitally, as well as establishing an innovative, competitive monetary and payment system that benefits New Zealand's digital economy. Globally and within New Zealand, one of the concerns regarding CBDCs is the potential acceleration of cash decline. Many people wish to ensure that physical cash remains accessible despite the advent of digital alternatives.