Reserve Bank of New Zealand Halts Digital Cash Project Development

A spokesperson for the Reserve Bank of New Zealand (RBNZ) stated in a statement that the bank has paused development on its digital cash proposal, shifting focus to broader projects aimed at modernizing New Zealand's payment system. The spokesperson emphasized that payment system modernization and the implementation of real-time retail payment solutions are key priorities for the RBNZ. "While the current system remains stable and reliable for most users, there is an opportunity to fully leverage its potential in the digital economy and prepare for an uncertain future," the spokesperson said, noting that a modernized payment infrastructure will support various emerging payment methods, including central bank digital currency. (Sina Finance)