this post was submitted on 16 Apr 2024
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Reserve Bank considers the digital dollar: 'NZ's money must innovate to stay relevant ' (www.rnz.co.nz)
submitted 7 months ago by purrtastic to c/newzealand
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[–] Rangelus 3 points 7 months ago (1 children)

I would assume this has little to do with traditional cryptocurrencies, but uses Blockchain as it's leger.

If I were in charge of this project, I would have a centralized validation system, maybe a series of servers across the country for redundancy. It doesn't need PoW or PoS as all validation is run by the RBNZ.

As for what this solves, I can think of a few things:

  • Opening up fiat interaction with other cryptocurrencies
  • Much lower fees for digital transactions
  • Near-instant transactions
  • Physical storage of digital funds. Paper wallets and other secure methods
  • From the govt point of view, perfectly tracible cash transactions
[–] JamesNZ@lemmy.world 1 points 7 months ago

Yes, this.