New Zealand Reserve Bank releases CBDC survey: 90% of respondents believe they will be monitored

2024-12-14 15:10:44

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ChainCatcher news, according to Ledger Insights, the Reserve Bank of New Zealand has released the results of its CBDC survey initiated in April. The survey received 500 detailed responses, with 18,000 people participating in the public online survey. 90% of online survey respondents are concerned that the government may use CBDC to monitor or control their spending, with over 70% expressing distrust in the Reserve Bank issuing digital cash. However, among respondents participating in the comprehensive consultation, only 36% expressed distrust.

A more general issue is whether respondents agree with the reasons for investigating digital cash. Only 16% agreed, while over 80% disagreed. The reasons provided by the central bank are as follows:

To ensure New Zealanders can use central bank money and allow for its digital use,
To establish an innovative, competitive, and beneficial currency and payment system for the development of New Zealand's digital economy.

One of the concerns regarding CBDC globally and in New Zealand is that it may accelerate the decline of cash, while people want to ensure that physical cash remains accessible.

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