Reserve Bank of New Zealand pauses research and development of digital cash initiative

A spokesperson for the Reserve Bank of New Zealand said in a statement that the bank is pausing research and development work related to its digital cash proposal, shifting its focus to a broader project examining the modernization of New Zealand's payment system. The spokesperson said modernizing the payment system and delivering a real-time retail payment solution are the Reserve Bank of New Zealand's priorities. "While this system remains stable and reliable for most users, there is still an opportunity to fully realize its role in the digital economy and prepare for an uncertain future." The spokesperson said modernizing payment infrastructure will be able to support various emerging payment methods, including central bank digital currency.