- of - money - - - central - bankdigital - currency - responses nz ’ s changing payments landscape and potential responses to it ref # x909373 v3. 0 responding to the changing payments landscape in new zealand it is clear that the pace of change in money and payments will only escalate. it is important that all market participants step up to meet the money and payments challenges and opportunities to improve the wellbeing and prosperity of new zealanders. we recognise there are significant upsides for new zealand if we embrace changes in money and payments - but also risks if we do not, or are not quick enough about it. our objective is that new zealand has reliable and efficient money and payments systems that support innovation and inclusion. we look to all of you in the industry, to ourselves and to others in the government sector to collaborate to enable this. collectively, we need to make sure we do not fall further behind in advancing our money and payments landscape and that we soundly position ourselves – along with aotearoa new zealand - to benefit. nz ’ s changing payments landscape and potential responses to it ref # x909373 v3. 0

monetary and fiscal policymaking to counterfeit prevention. this is why central bank money succeeds where previous forms of fiat money issued by unaccountable sovereigns have failed. our money is issued in the public interest. we should never take such legitimacy for granted. we need to work hard to maintain that legitimacy into the future, in part by responding to the needs of the public, and their preferred way of transacting, be that in physical central bank money ( banknotes and coins ) or digital central bank money. _ _ _ _ _ _ _ _ _ _ _ _ see cash and payments data update : covid - 19 special https : / / www. rbnz. govt. nz / - / media / reservebank / files / notes % 20and % 20coins / future - of - cash / cash - and - payments - dataupdate - covid - 19 - special. pdf? revision = 9eac7a8d - cc97 - 454f - a9ff - 2190311d055f & la = en as an example, our consultations have confirmed the priority attached by many to the privacy and autonomy provided by cash. we are committed to keeping cash available as long as people need it but also to ensuring that any digital version of cash is designed with privacy considerations at its core. we will do this in line with our independent role as the steward of the money and cash system. nor can we neglect financial and social inclusion, and the fair distribution of the costs of the money and cash system. a key motivation for cbdc is to improve access to digital financial services for those who are unable or unwilling to rely on private digital money through banks. this complements the bank ’ s broader work programme on inclusion ( see the box below ) 6. _ _ _ _ _ _ _ _ _ _ _ _ financial stability report for november 2021 - reserve bank of new zealand ( rbnz. govt. nz ) inclusion and fairness will be central to the collective legitimacy that public money must draw from. the same can be said about environmental sustainability and te tiriti o waitangi obligations7 and partnerships. he waka eke noa – we are all in this together. all the more reasons why we must work harder to realise the benefits of a publicly - provided currency for the prosperity and well - being of new zealanders and for a sustainable, innovative and productive economy. reserve bank's stewardship of money