Introduction: We, the undersigned, express our deep concerns regarding the potential implementation of Central Bank Digital Currencies (CBDCs) by the Reserve Bank of New Zealand.

While digital currencies offer certain benefits, we believe that the associated risks significantly outweigh these advantages, and we urge for thorough consideration and public consultation before any steps towards CBDC implementation are taken. 

 Key Concerns:

• 1. Privacy Issues:

- CBDCs could compromise financial privacy, allowing for increased government surveillance of personal transactions.

- The potential for misuse of transaction data poses significant risks to individual freedoms and privacy rights. 

• 2. Cybersecurity Threats:

- The introduction of CBDCs increases the risk of cyber-attacks, potentially destabilizing the financial system.

- Ensuring the security of a digital currency infrastructure would require substantial investments and ongoing vigilance. 

• 3. Impact on Traditional Banking:

- CBDCs might disrupt the traditional banking model, affecting the stability and profitability of commercial banks.

- There is a risk of disintermediation, where consumers might shift their deposits from traditional banks to CBDCs, reducing banks’ ability to lend and support economic growth. 

• 4. Financial Stability:

- Rapid shifts of funds between CBDCs and bank deposits could exacerbate financial instability during times of economic stress.

- The transition to a CBDC system needs to be carefully managed to avoid unintended consequences on monetary policy and financial stability. 

• 5. Need for Public Consultation: - Lack of Extensive Public Consultation:

- The Reserve Bank of New Zealand has conducted limited public consultation on the need and design of a CBDC. More extensive engagement with the public is necessary to understand the broader societal implications. 

- Transparent and inclusive public consultation processes are crucial to ensure that all stakeholders, including ordinary citizens, have a say in such a significant shift in the monetary system. 

• 6. Evaluation of Necessity:

- It remains unclear whether a CBDC is needed in New Zealand’s current financial landscape. The existing payment systems are robust and continue to evolve with technological advancements.

- Detailed cost-benefit analyses and impact assessments are required to justify the need for a CBDC in New Zealand.

Call to Action: We call on the government and the Reserve Bank of New Zealand to:

• 1. Halt Any Plans for CBDC Implementation: - Suspend any ongoing or planned steps towards the implementation of CBDCs until comprehensive public consultations are completed.
• 2. Conduct Thorough Public Consultations: - Engage in extensive public consultation processes involving diverse stakeholders, including financial experts, privacy advocates, cybersecurity specialists, and the general public. - Ensure transparency in the consultation process and consider the feedback received before making any decisions regarding CBDCs.
• 3. Comprehensive Impact Assessment: - Carry out a detailed evaluation of the potential risks and benefits associated with CBDCs, considering their impact on privacy, financial stability, and the traditional banking system.

Conclusion: We urge the Reserve Bank of New Zealand to prioritiee the privacy, security, and financial stability of New Zealanders. Any move towards the implementation of a CBDC should be approached with caution, transparency, and extensive public involvement to ensure that the best interests of the public are upheld. By signing this petition, we express our collective voice against the premature adoption of CBDCs in New Zealand and advocate for a careful, consultative approach to this significant monetary change.