The Reserve Bank has put its proposed digital cash system on hold as it prioritises modernising payments systems.
The move followed a 2024 public consultation that attracted 18,000 online survey responses and 500 written submissions, overwhelmingly opposed to digital cash.
At the time, Newsroom framed the response on “conspiracy theories” and cited a researcher who blamed Voices for Freedom and RCR for running influential campaigns against CBDCs.
The Reserve Bank acknowledged strong public concerns about the issue, including fears that digital cash could replace physical cash, but claimed it would not. Last week, Labour pitched CBDCs as a way to lower the cost of living.
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