Skip to main content

Published 31 August 2024

The Reserve Bank of New Zealand is reaching out to our disability community, their whānau, and support people to talk about how we like to handle money. 

The Bank is looking at potentially introducing something like digital cash. 

This might sound a bit confusing (isn't this what internet banking is?) but it's basically our Reserve Bank (who print all the money in New Zealand and look after it), exploring a new form of money. It would be in addition to traditional banknotes, coins, and your electronic funds currently in bank accounts.

In some countries people can pay for things using digital cash from phone to phone via an app or bitcoin. This could look like that, or something totally different, and as a citizen of New Zealand, they want to hear what you think. 

While digital cash would not replace physical money, it does offer another way for people to manage and spend their money. Our Reserve Bank are looking at how they can or should be working to protect the New Zealand currency at time like if there's a system outage and people can't use cards or don't have cash. 

They say "The insights and experiences of disabled people and their whānau are essential in ensuring that if digital cash is introduced in New Zealand, it will be designed to meet the needs of everyone in the community."

Why does the Reserve Bank's approach to money matter?

"Central bank money, in the form of cash and reserves, plays an important role in making sure the New Zealand dollar is New Zealand’s primary currency. This is called the ‘value anchor’ role.

Cash allows everyone to participate in society because you can use it anywhere, anytime to make payments."

We don't tend to use cash as much as we used to though. So, what they want to know is, how can they innovate to be useful and protect the security of our money. 

You can share your views by: 

If you have any questions, you can: 
  • phone: 0800 7269 7269 between 9am and 5pm weekdays, or
  • text: 021 223 6062.

The consultation period for alternate formats closes 30 September 2024. 

 

Accessible Consultation Materials

Understanding that people have different ways of receiving and processing information, the Reserve Bank has made a strong commitment to inclusivity by offering consultation materials in various accessible formats. These formats include:

  • New Zealand Sign Language (NZSL): Video content has been created in NZSL to ensure that those who are deaf or hard of hearing can easily access and understand the information.
  • Easy Read: This format presents information in simplified language, accompanied by images, making complex concepts easier to grasp.
  • Braille: Braille versions of key documents are available for those who are blind or have low vision, providing tactile access to the information.
  • Large Print: For individuals who prefer reading in a larger font size, Large Print versions are available to improve readability.
  • Audio: Audio recordings of the information have been provided, allowing people to listen at their convenience, whether at home or on the go.

https://consultations.rbnz.govt.nz/money-and-cash/alternate-formats-digital-cash/