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New Zealand Central Bank 'Not Threatened' by Bitcoin's Rise – CoinDesk

FXStreet (Barcelona) - The CoinDesk Analysis Team highlights the deputy governor of New Zealand's Reserve Bank’s (RBNZ) comments that the institution is "not threatened" by the rise of bitcoin and digital currencies.

Key Quotes

“According to a report in stuff.co.nz, deputy governor Grant Spencer made the comments this morning at Payments NZ, a two-day international payments industry conference in Auckland. Spencer's comments are in contrast to those of other central bank representatives over the course of this year, most of which have concerned warnings of bitcoin's investment risk and/or lack of legal tender status.”

""I do not doubt that future digital currencies will become more realistic substitutes for cash," he said, also mentioning that, so far, bitcoin seems to "behave more like a commodity than a currency"."

“The past 30 years have seen payments move from being primarily cash and cheques to more contactless, online and mobile phone-based systems.Increased participation and new technologies brought with them increased operational risks, Spencer added, which could be disruptive to the economy. The general payments industry would have to manage these risks while still nurturing innovation and efficiency.”

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