New Zealand Deputy Governor: ‘The Reserve Bank Does Not Feel Threatened by Bitcoin’

New Zealand deputy governor Grant Spencer says New Zealand’s central bank, the Reserve Bank of New Zealand, is not threatened by Bitcoin, but is eventually planning to tighten regulation.
In a speech delivered to the Payments New Zealand‘s premier industry conference on November 11 in Auckland, deputy governor Grant Spencer stated:
“As the currency issuer, the Reserve Bank does not feel threatened by Bitcoin which seems to behave more like a commodity than a currency.”
“However,” continued Spencer, “I do not doubt that future digital currencies will become more realistic substitutes for cash.”
30 years ago, payments were made using cash and checks. Today, we are witnessing the emergence of contactless payment systems, mobile phone based applications and online payments with a large number of new players entering the payment market including Apple, Google and Paypal, said Spencer. He also added:
“This greater use of technology is making our lives easier but also brings increased operational risk.”

This post was published at Coin Telegraph on 2014-11-11.