Te Pūtea Matua, or The Reserve Bank of New Zealand, announced earlier today that it would ramp up the monitoring of stablecoins, crypto assets, and other crypto-related activities in the country. The decision came after a four-month-long consultation process that involved <a href="https://www.rbnz.govt.nz/-/media/project/sites/rbnz/files/consultations/future-of-money/responses-to-private-innovation-submissions.pdf" rel="noopener noreferrer nofollow">submissions</a> from dozens of stakeholders.According to a <a href="https://www.rbnz.govt.nz/hub/news/2023/06/rbnz-ramps-up-monitoring-of-stablecoins-and-cryptoassets" rel="noopener noreferrer nofollow">press release</a> by the Reserve Bank of New Zealand, the input from stakeholders and the public led to the conclusion that new forms of private money, like crypto assets, might create new issues for the traditional financial system and the monetary sovereignty of the country. Ian Woolford, the Director of Money and Cash noted that there was a need for increased vigilance rather than increased regulation of the crypto market.The previously held <a href="https://www.rbnz.govt.nz/have-your-say/the-future-of-money" rel="noopener noreferrer nofollow">consultation</a> process, titled “The Future of Money — Private Innovation”, saw participation from several stakeholders of crypto and TradFi, including Ripple, Bank of New Zealand, Westpac, and Blockchain NZ, a crypto advocacy group in the country. According to Woolford, the response from these parties indicated that crypto presented risks as well as opportunities.Read full article at <a href="https://cryptotale.org/new-zealand-ramps-up-monitoring-of-stablecoins-and-crypto-assets/" rel="noopener noreferrer nofollow">CryptoTale.</a>

New Zealand Ramps Up Monitoring Of Stablecoins And Crypto Assets

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