NZ Herald reports Power Finance CEO Dave Corbett is “extremely supportive” of the Reserve Bank of New Zealand’s discussion paper on a central bank digital currency (CBDC) – and offers the example of aid to people during the pandemic. In New Zealand, the Reserve Bank created the Funding For Lending programme in 2020, making $28 billion available to commercial banks at lowered cost so they can lend to businesses at very low rates. Corbett says it would have been hugely successful had the method of delivery been via a digital currency, controlled by central banks: “It creates a direct relationship between the state and citizen,” he says.
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