The Minister of Commerce and Consumer Affairs of New Zealand warns that the country's 'wait and see' approach towards cryptocurrency could result in missing out on the benefits of digital asset industry development.
Andrew Bayly, the Minister of Commerce and Consumer Affairs, warned that New Zealand ’s “wait and see” approach could lead to missing out on the benefits of development in the digital asset industry.
Andrew Bayly, the Minister of Commerce and Consumer Affairs of New Zealand, recommended revamping the country’s sluggish approach toward experimenting and adopting innovations on digital assets and blockchain technology. He urged the government to support the development of the crypto industry and consider appropriate policies to manage related risks.
The ministry’s advisers made eight key recommendations for New Zealand to get back on the global crypto wave. The recommendations include adopting policies and regulations to encourage developments in digital assets and blockchain, facilitate greater collaboration between government and industry players and immigration to address skills shortages in digital assets and blockchain
Bayly noted that most of the recommendations are long-term in nature and highlighted the need for a coordinated global regulatory approach and supervisory frameworks for digital and crypto assets.) is neither a means of exchange nor a store of value or a unit of account when asked about the Reserve Bank of New Zealand’s concerns about cryptocurrencies. He added:
New Zealand Cryptocurrency Digital Assets Blockchain Development Innovation Risks
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