Adrian Orr confirmed today (February 8) that the Reserve Bank of New Zealand will soon begin work on a proof-of-concept central bank digital currency (CBDC).

The RBNZ governor highlighted the important “public role” that central bank money plays in society during remarks to a conference in Wellington. He said the central bank must maintain its legitimacy by “responding to the needs of the public”, including, potentially, by issuing CBDC.

Orr cited research by the Bank for International