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Reserve Bank of New Zealand eyes off use of crypto

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New Zealand’s central bank is considering a digital currency with hopes that it could be used as a monetary policy tool

As the use of hard cash continues to decline across the country, the bank is turning to the public to voice their opinions on digital coins.

The Reserve Bank says “the declining use, acceptance and availability of cash in New Zealand, and emerging innovations in private money” are prompting the notion.

Stablecoins are a trype of cryptocurrency that are tied to a traditional currency, in this case almost certainly the fiat New Zealand Dollar. 

As the name suggests, this makes their value relatively stable.

Beneficially too, Stablecoins also less likely to be able to be impacted by famous people’s public comments.

Bitcoin, the world’s largest cryptocoin, went from being worth US$52,700 to $40,500 in just 16 days earlier this month.

The digital currency could help to support the New Zealand dollar while being interchangeable with cash.

This would help the bank remain relevant in the future and improve cross-border payment efficiency and resilience.

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

Business

Government-backed crypto could threaten the U.S. economy, report finds

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Government-backed cryptocurrencies could threaten the U.S. economy, that’s according to a new report

The Treasury Department believe that prices crypto are set by market speculation and don’t have much economic reality.

It’s found crypto-asset firms intersect with entities that have risky business profiles.

Treasury believes this is a concern for the U-S financial system.

Of course, Bitcoin is just one digital coin to swing and los much of its value since the start of this year.

But advocates think these stable-coins could be less volatile than traditional currencies.

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Business

Kim Kardashian charged over crypto promotion

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Kim Kardashian is making headlines today but not for good reasons.

The celebrity has been charged $1.26 million by the Securities and Exchange commission for unlawfully promoting a crypto asset on her Insta profile.

The SEC found that the star failed to disclose she was paid $250, 000 to post about the digital coin.

Chair Gary Gensler says this is a reminder that “when celebrities endorse investment opportunities, it doesn’t mean that those investment products are right”

Gensler warned investors to do their own research and analyse the risk involved based on their own financial goals.

Kardashian fully cooperated with the investigation and is not allowed to promote another crypto asset for three years.

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Crypto

Coinbase users in the dark following company-wide fault

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Coinbase users were left in the dark at the weekend because of a company-wide fault

The crypto exchange temporarily stopped transactions for users in the U.S. for over five hours.

Withdrawals and deposits involving bank accounts were put on hold.

But users could still use a debit card or PayPal to buy their crypto.

It follows a string of delays with Solana too, after the network suffered an outage last Friday.

Of course, Coinbase dropped over 1-thousand staff as the value of the crypto falls dramatically.

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