RBNZ Digital Cash survey and general commentary

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Forums › Finance and wealth management › RBNZ Digital Cash survey and general commentary

freitasm

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#315466 19-Jul-2024 15:20

The RBNZ is running a survey here Digital cash in New Zealand | Moni-matihiko - How to provide feedback - Reserve Bank of New Zealand - Citizen Space (rbnz.govt.nz), closing on 26 July 2024.

A comment I saw on LinkedIn:

Every digital cash attempt rationalisation always uses the same "appealing message": bypass banks, implying that Big Banks Are Evil (TM).

This seems to be the original message brought by Bitcoin at its launch precisely 15 years ago.

From the post above, "It could circumvent commercial banks completely, because other companies could provide the wallets to hold our digital money."

You just need a quick look around to see that other companies providing wallets aren't doing a good job at keeping people's assets safe. Here's an always good, updated list: Web3 is Going Just Great (web3isgoinggreat.com)

Again, I am not saying anything about digital cash. I am pointing out that the "Why?" is not quite flushed out yet and I certainly don't trust other non-finance companies with money.

ezbee

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#3261463 19-Jul-2024 15:39

But, but, but...

Banking regulation and Financial Markets regulation is a result of lessons from past disasters.

Its like your aeroplane would be much cheaper to manufacture and maintain if we nixed aviation safety and airline regulation.

Would this really be a good thing ?

Do we really need a more confusing landscape of many 'Goldcorps' with less oversight.
People already complain about large online only services where you can't resolve issues or even contact any human.

I just made a payment online from my bank right now and the payee reported they had the money seconds later.

freitasm

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#3261464 19-Jul-2024 15:42

Exactly. People give the wrong reasons to justify it.

The current banking environment is not a problem.

Fees? Sure.

But there's the security that all those small players don't provide.

mrdrifter

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#3261468 19-Jul-2024 15:56

That survey is very poorly written and the multi choice answers are so obviously worded to enable a pre-determined outcome.

freitasm

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#3261476 19-Jul-2024 16:19

I agree. Some answers don't even make sense when paired to the questions.

allan

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#3261638 19-Jul-2024 23:22

freitasm:

I agree. Some answers don't even make sense when paired to the questions.

Yep like "Can Digital Cash Improve or worsen digital financial inclusion?"

Huh, shouldn't that be two questions, or let me rate it on a scale, instead of basically Yes/No/Unsure (may not have recalled the exact wording, but that's the gist of it)

Technofreak

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#3261751 20-Jul-2024 11:13

mrdrifter:

That survey is very well written and the multi choice answers are so obviously worded to enable a pre-determined outcome.

FTFY

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