Submission on central bank digital currencies

croaking cassandra

The Reserve Bank has a consultation document out inviting public feedback on the idea – to which they express themselves sympathetic – of the Bank possibly, at some stage in the future, issuing a new central bank digital currency, to which members of the general public would have access (unlike their existing wholesale digital currency – exchange settlement accounts – that only (some) banks currently have).

I wrote a post last week on Barry Eichengreen’s recent seminar for the University of Auckland and some of my own ideas, notably the idea that there is little reason to suppose there would be much demand for such a product (unless subsidised or underpinned by other distorting regulation).

Submissions close on Monday – at the curious hour of 10am. I spent a few hours this afternoon jotting down some thoughts as a submission. No doubt various bankers will make longer, more detailed, and…

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