New Zealand Not in the Hurry to Legalize Cryptocurrencies

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The New Zealand House of Representatives backed an expert-prepared report which called on the country’s government to exercise caution when considering cryptocurrency regulations.

Written with contributions from the law firm MinterEllisonRuddWatts and professors from the University of Auckland, the report highlighted 22 recommendations for legislation and blockchain technology development.

It emphasized that digital currencies and blockchain were still in their infancy and that long-term analysis of the consequences of integrating them into the financial system should be undertaken before introducing regulations.

Additionally, the bank announced its intention to use Central Bank Digital Currencies (CBDCs) to enhance financial service accessibility in October 2020.