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@lemmy.nz to c/newzealand@lemmy.nz

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[–] Dave@lemmy.nz 8 points 7 months ago

I think the problem to solve is that you can't do it for free. Currently you get charged fees for every transfer, something that doesn't happen with cash.

Plus this is a single standard. If I go to pick up a trademr purchase I'm unlikely to be able to pay with Venmo, because there are a dozen other options and no one has heard of any. With a government backed option, people can start advertising that they accept it, and vendors/banks know where to focus their efforts.