{"id":188,"date":"2014-07-08T14:32:00","date_gmt":"2014-07-08T14:32:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/new-zealand-banker-bitcoin-can-supplant-cas\/"},"modified":"2018-02-07T07:49:29","modified_gmt":"2018-02-07T07:49:29","slug":"new-zealand-banker-bitcoin-can-supplant-cash","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2014\/07\/new-zealand-banker-bitcoin-can-supplant-cash.html","title":{"rendered":"New Zealand central banker: cryptocurrencies could supplant cash"},"content":{"rendered":"<div style=\"text-align: justify;\"><i><b>Geoff Bascand, deputy governor and head of operations at the Reserve Bank of New Zealand (RBNZ)\u00a0has said that\u00a0digital currencies could one day evolve to supplant cash\u00a0as we know it.<\/b><\/i><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">(<a href=\"http:\/\/www.coindesk.com\/new-zealand-central-banker-cryptocurrencies-supplant-cash\/?utm_source=CoinDesk+subscribers&amp;utm_campaign=b378e96188-EMAIL_RSS_CAMPAIGN&amp;utm_medium=email&amp;utm_term=0_74abb9e6ab-b378e96188-78914197\">CoinDesk<\/a>) In a recent speech delivered to the Royal Numismatic Society in Wellington over the weekend, Bascand described digital currencies as a \u201cchallenge to the form and provenance\u201d of money.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">He outlined a number of advantages associated with digital currencies, along with the more or less usual list of concerns and risks.<\/div>\n<h2 style=\"text-align: justify;\">Advantages and drawbacks<\/h2>\n<div style=\"text-align: justify;\">Bascand said digital currencies like <a href=\"https:\/\/holytransaction.com\/page\/what-is-bitcoin\">bitcoin<\/a> were created as an alternative means of payment and store of value, adding:<\/div>\n<div style=\"text-align: justify;\">\n<blockquote><p>\u201c[Bitcoin] is a very low cost payment method with strong security features and usable for cross-border transactions, making it advantageous in some regards relative to more traditional payment mechanisms.\u201d<\/p><\/blockquote>\n<\/div>\n<div style=\"text-align: justify;\">However, he also noted that cryptocurrencies still have a number of drawbacks, with few businesses accepting them as a form of payment and <a href=\"http:\/\/www.coindesk.com\/price\/\">price<\/a> volatility remaining a concern.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Bascand went to on explain how, if certain conditions are met,\u00a0digital currencies could\u00a0replace normal money:<\/div>\n<div style=\"text-align: justify;\">\n<blockquote><p>\u201cKey attributes of trust (that the \u2018money\u2019 gives rise to settlement of the obligation) and anonymity (it is often efficient for the sale\/purchase parties not to have to identify one another) must be met, but if these can be accomplished reliably and sustainably, new technologies could supplant cash as we know it in years to come.\u201d<\/p><\/blockquote>\n<\/div>\n<h2 style=\"text-align: justify;\">Banks need to keep up<\/h2>\n<div style=\"text-align: justify;\">Bascand argued that central banks do not need to be overwhelmed by such innovations. Instead, they need to keep track of developments in the field and develop their regulatory and currency operations roles accordingly.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">In this way, he said, they will manage to keep up with developments in technology and the evolving needs of the public.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Both the <a href=\"http:\/\/www.rbnz.govt.nz\/\" target=\"_blank\" rel=\"noopener\">Reserve Bank of New Zealand<\/a> and the <a href=\"http:\/\/www.rba.gov.au\/\" target=\"_blank\" rel=\"noopener\">Reserve Bank of Australia<\/a>\u00a0issued <a href=\"http:\/\/www.coindesk.com\/central-bank-new-zealand-australia-bitcoin-warning\/\">digital currency warnings late last year<\/a>.<br \/>\nApart from the carefully worded statement, regulators have taken any measures\u00a0to curb or control the development of the bitcoin economy in the region.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Australia\u2019s bitcoin business scene in particular seems to be thriving,\u00a0and one company even <a href=\"http:\/\/www.coindesk.com\/digitalbtc-makes-history-australian-stock-market-debut\/\">launched on its stock exchange<\/a>\u00a0in June.<\/div>\n<p>Open your free digital wallet <a href=\"https:\/\/holytransaction.com\/app#!\/signup\">here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Geoff Bascand, deputy governor and head of operations at the Reserve Bank of New Zealand (RBNZ)\u00a0has said that\u00a0digital currencies could one day evolve to supplant cash\u00a0as we know it. 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