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2021 Cryptocurrencies Submission

Submission to the finance and expenditure committee’s inquiry into cryptocurrencies

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:

  1. 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.
  2. To identity the risks crypto-currencies pose to the monetary system and financial stability, including tax implications, in New Zealand.
  3. To establish how crypto-currencies are used by criminal organisations.
  4. 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. A copy of BlockchainNZ’s press release is available here. A copy of media coverage of BlockchainNZ’s press release is available here.

A copy of the “DAIRGANZ Submission” we support is available here.