Crypto 'regulatory approach isn't needed now' — New Zealand central bank
June 29. 2023
By Jesse Coghlan
Reserve Bank of New Zealand however said that crypto and stablecoins should be more closely monitored.
The New Zealand central bank is ramping up its monitoring of stablecoins and crypto-assets following public submissions, but has stopped short of calling for a “regulatory approach.”
Ian Woolford, the Reserve Bank of New Zealand’s director of money and cash, said in a June 30 statement that the RBNZ agrees that “a regulatory approach isn’t needed right now, but increased vigilance is.”
Accompanying Woolford’s statement was a summary of 50 stakeholder submissions to an earlier RBNZ paper discussing crypto and decentralized finance.
Respondents included the country’s crypto advocacy body BlockchainNZ, tech company Ripple, along with banks such as Westpac and the Bank of New Zealand.
Woolford said the submissions showed crypto had “significant risks and opportunities” along with “uncertainties” about the sector’s development which gave it the need for extra attention:
“We agree that caution is needed, which also reinforces the need for enhanced data and monitoring to build understanding.”
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