New Zealand’s Ministry of Economic Development has proposed a shift towards a more crypto-friendly stance, aiming to nurture digital asset growth. The country’s commerce minister advocates for regulatory frameworks to encourage digital asset advancements, while contrasting views on central bank digital currencies reflect divergent opinions within the nation’s approach to digital assets.
read moreAdrian Orr
0 posts last weekNew Zealand Ministry Proposes Friendlier Stance on Cryptocurrency Innovations
New Zealand’s Ministry of Commerce and Consumer Affairs has proposed a more supportive approach to cryptocurrency innovation, urging the government to revamp its stance and consider policies to manage related risks. The ministry’s recommendations include fostering collaboration, addressing skills shortages, and developing training resources, while also highlighting the need for a coordinated global regulatory approach. However, the proposal for an in-house central bank digital currency contradicts the viewpoint of the New Zealand Central Bank governor, who expressed concerns about the stability of CBDCs and cryptocurrencies.
read moreNew Zealand Reserve Bank Governor’s Comments Spark Debate on Central Banking
New Zealand Reserve Bank governor Adrian Orr made a lighthearted comment about central banking during a parliamentary committee meeting, sparking debate among Bitcoin advocates. While Orr expressed concerns about decentralized digital currencies like Bitcoin and stablecoins, New Zealand has been exploring the possibility of implementing a central bank digital currency since September 2021.
read moreThe Volatility of Stablecoins and New Zealand’s Regulatory Stance
New Zealand’s central bank governor criticized stablecoins, stating they are not a reliable substitute for fiat money and are not stable. He emphasized that stablecoins are speculative coins, not currency, and not central bank cash, highlighting the need for regulatory oversight. Additionally, New Zealand is exploring high-level design options for a central bank digital currency (CBDC).
read moreGlobal Markets Update: Paytm’s Director Resigns, NZ Dollar Dips, CSL Shares Fall
Shares of Paytm rose as the Nifty 50 index fell, while an independent director resigned from its banking arm. The Reserve Bank of India ordered Paytm Payments Bank to stop accepting fresh deposits, and the company sought government intervention to reverse a market downturn. New Zealand’s dollar dipped as the Reserve Bank of New Zealand aims to lower inflation, and Australian biotech company CSL faced a setback as its cardiovascular drug failed in a phase 3 trial. Tech stocks saw gains, with the S&P 500 closing above 5,000 for the first time, and executives at New York Community Bancorp showed confidence in the bank by purchasing stock. India, Japan, and Israel ETFs are outperforming in 2024.
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