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A New Zealand ministry focused on shaping the nation’s economic strategy has proposed adopting a more accommodating stance toward cryptocurrency innovations. The ministry made several recommendations to foster the growth of digital assets in the country.
Andrew Bayly, the minister of commerce and consumer affairs of New Zealand, recommended revamping the country’s sluggish approach toward experimenting and adopting innovations on digital assets and blockchain technology. He urged the&nbsp;government&nbsp;to support the development of the crypto industry and consider appropriate policies to manage related risks.
In response to the inquiries by the parliamentary Finance and Expenditure Committee into cryptocurrencies, Bayly’s office <a href="https://www.mbie.govt.nz/dmsdocument/28149-government-responses-to-inquiries-by-the-finance-and-expenditure-committee-into-cryptocurrencies-and-banks-processes-and-consumer-protection-for-scams" target="_blank" rel="noopener nofollow">said</a>: 
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 “The current ‘wait and see’ approach could risk New Zealand missing out on the benefits of development in the digital asset industry.”
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The ministry’s advisers made eight key recommendations for New Zealand to get back on the global crypto wave. The recommendations include adopting policies and regulations to encourage developments in digital assets and blockchain, facilitate greater collaboration between government and industry players and immigration to address skills shortages in digital assets and blockchain.
Other recommendations also made it to the list of friendlier approaches to crypto, such as developing training and educational resources, tax incentives, Anti-Money Laundering provisions and continuing the design work on an in-house central bank digital currency (CBDC).
Bayly noted that most of the recommendations are long-term in nature and highlighted the need for a coordinated global regulatory approach and supervisory frameworks for digital and crypto assets.
Related: <a href="https://cointelegraph.com/news/printing-money-great-business-new-zealand-central-bank">Printing money for fools is a ‘great business to be in’ — NZ central bank head</a>
Bayly’s recommendation for an in-house CBDC contradicts the viewpoint of the Reserve Bank of New Zealand Governor Adrian Orr. 
On Feb. 12, Orr told a parliamentary finance committee that <a href="https://cointelegraph.com/news/nz-central-bank-governor-says-stablecoins-are-not-stable">CBDCs are not a true substitute for fiat money</a> and “are not stable.”&nbsp;
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 <img src="https://s3.cointelegraph.com/uploads/2024-04/c65abe7e-b32a-4910-8272-075bfcb5e5e4.jpg" alt="" title="">
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 Orr (right) speaking on stablecoins. Source: Vimeo
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Orr argued that Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) is neither a means of exchange nor a store of value or a unit of account when asked about the Reserve Bank of New Zealand’s concerns about cryptocurrencies. He added:
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 “Likewise stablecoins, I think, are the biggest misnomers [...] Stablecoins are not stable. They are only as good as the balance sheet of the person offering that stablecoin.”
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“The number one thing we can do is be as transparent and blunt as we can. They are speculative coins, not currency and not central bank cash,” he concluded.
Magazine: <a href="https://cointelegraph.com/magazine/base-meme-coins-scams-vulnerabilities-honeypot/">1 in 6 new Base meme coins are scams, 91% have vulnerabilities</a>

New Zealand fears missing crypto train with ‘wait and see’ approach

Cointelegraph

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