Reserve Bank of New Zealand taking ‘cautious approach to crypto,’ watching global developments
New Zealand still isn’t ready to commit to crypto regulation, the Reserve Bank of New Zealand said Friday. It did, however, call for “increased vigilance” following a submission period that closed in April. The Reserve Bank received 50 submissions — from Ripple to Grant Thornton. Following a period of submissions, the Bank published a paper to further detail its thinking on digital assets — including central bank digital currencies (CBDCs). According to the Atlantic Council’s stablecoin tracker, roughly 130 countries are exploring a CBDC. In 2021, the bank announced that it was exploring a CBDC, but the paper reiterates that the bank has “not made any decision about the need for one.” On the topic of regulation, the Bank noted that submitters had suggested that crypto startups be allowed to “grow into regulation.” This could allow for “regulatory sandboxes” and a “tiered compliance approach .” The suggestions, though, don’t mean that New Zealand will pursue such a regulatory str...