On 23 July 2021, the Finance and Expenditure Committee (Committee) commenced an “inquiry into the current and future nature, impact, and risks of crypto-currencies” (Inquiry). The terms of reference to the Inquiry is available here (Terms of Reference).
The Terms of Reference were:
- To inquire into, and establish the nature and benefits of cryptocurrencies:
- to establish how crypto-currencies are created and traded
- to understand the environmental impact of ‘mining’ crypto-currencies.
- To identify risks to users and traders of crypto-currencies.
- To identity the risks crypto-currencies pose to the monetary system and financial stability, including tax implications, in New Zealand.
- To establish how crypto-currencies are used by criminal organisations.
- To establish whether means exist to regulate crypto-currencies, either by sovereign states, central banks, or multi-lateral co-operation.
Led by the Chair of BlockchainNZ, Bryan Ventura, we presented a written submission to the Committee in response to the Inquiry.” A copy of BlockchainNZ’s submission is available here.