PANews reported on December 14 that according to Iedger Insights, the Reserve Bank of New Zealand announced the results of its CBDC survey launched in April. The survey received 500 detailed responses and 18,000 people participated in the public online survey. 90% of online survey respondents were concerned that the government would use CBDC to monitor or control their spending, and more than 70% of them said they did not trust the Reserve Bank to issue digital cash. However, among respondents who participated in the full consultation, only 36% did not trust it.
A more general question was whether respondents agreed with the rationale for investigating digital cash. Only 16% agreed, while more than 80% disagreed. The reasons given by the central bank were as follows:
- ensuring New Zealanders have access to central bank money and enabling it to be spent digitally,
- Build a currency and payments system that is innovative, competitive and supportive of New Zealand's digital economy.
One of the concerns about CBDCs globally, and in New Zealand, is that it could accelerate the decline of cash, while people want to ensure that physical cash remains accessible.
