3 August 2022
P Shaw
Via Email: [FYI request #19826 email];
[email address]
Dear P Shaw,
Thank you for your requests of 5 July 2022 made under the Official Information Act 1982 (OIA)
for the following information:
1. […] all email communications between any representative of the Reserve Bank of
New Zealand and Dr Alex Sims of the University of Auckland that mention "CBDC"
or "central bank digital currency", and/or any other term used to mean central bank
digital currency, over the period 01/05/2021 to 20/09/2021.
2. […] all email communications between any representative of the Reserve Bank of
New Zealand and David Clark that mention "CBDC" or "central bank digital
currency", and/or any other term used to mean central bank digital currency, over
the period 01/07/2021 to 20/09/2021.
A response to your requests was due by 2 August July 2022. The date for response
was subsequently extended to 9 August 2022, to enable consultations necessary to
make a decision on the requests.
Response
We are refusing the second of your requests under section 18(e) of the OIA, as the information
does not exist.
In regards to the first request, we hold no information within scope of your request. We do,
however, hold an email from Ian Woolford, then Head of Money and Cash at the Reserve Bank
of New Zealand, to Dr Alex Sims of Auckland University, dated 22 September 2021. We also
hold Dr Sims’ emailed response of the same date. We have decided to release the emails,
which are attached to this letter, as they are the only information we hold on the topic.
The OIA allows charges to be imposed for the preparation of information in response to
requests. The Reserve Bank is resourced to meet disclosure obligations for a reasonable level
of requests and the cost of providing free responses to official information requests is
generally borne by taxpayers. However, the Reserve Bank believes that requesters should bear
some of the costs, where allowable under the OIA, when requests are made for large amounts
of information, where a response is particularly complex, or where individuals or organisations
make frequent requests. In this instance, no charge is being made under the OIA.
1
2
You have the right to seek an investigation and review of this response by the Ombudsman,
in accordance with section 28(3) of the OIA. The relevant details can be found on the
Ombudsman’s website at
www.ombudsman.parliament.nz.
Please note that we intend to publish a copy of this response on the RBNZ website at
www.rbnz.govt.nz/research-and-publications/official-information-requests. Responses to
requests are published in order to improve public transparency and provide an additional
resource for anyone seeking information.
Yours sincerely,
Ross Francis
Ministerial and OIA Advisor, Government and Industry Relations
Reserve Bank of New Zealand - Te Pūtea Matua
2
IN CONFIDENCE
From: Alex Sims
<[email address]> Sent: Wednesday, 22 September 2021 7:34 pm
To: Ian Woolford
<[email address]> Subject: RE: CBDCs
Hi Ian
Thank you for your email.
I am still working on blockchain related research, that is now my main area of research.
Yes, I would be interested to meet virtually with some of the people in Money and Cash. I have been
keeping a watching brief on the developments internationally on CBDCs and, of course, stable coins.
Also I have been watching the discussions in New Zealand (by the RBNZ) and internationally about
the future of cash.
Also, another academic that I would think would be useful for the policy people in Money and Cash
to talk with, if they haven’t already, is Bronwyn Howell from Victoria University of Wellington who
has done research on CBDCs, see, for example,
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3782968. Regards
Alex
Associate Professor Alexandra Sims Department of Commercial Law
The University of Auckland Business School
Owen G Glenn Building I 12 Grafton Road, Auckland I Private Bag 92019 Auckland I New Zealand
DDI: +64 9 923 4901 I Int: 84901 I Email
: [email address] www.business.auckland.ac.nz/people/profile/a-sims
IN CONFIDENCE
IN CONFIDENCE
From: Ian Woolford
<[email address]> Sent: Wednesday, 22 September 2021 12:41 pm
To: Alex Sims
<[email address]> Subject: CBDCs
Kia ora Associate Professor Sims
I was just reading you and your co-authors’ 2018 paper on Regulating Cryptocurrencies in
New Zealand, and thought I would reach out to you.
The Money and Cash Department at the RBNZ was established about a year ago, to lead
RBNZ work on both physical (cash) and digital money.
I appreciate 3 years since the publication of your paper is a while ago, and your interests may
have moved on from blockchain and related matters, but on the off-chance you are still
working in this area, I thought I’d reach out for two reasons.
First, we are about to release two consultation papers, one on Money and Cash Stewardship,
and one on CBDCs (which also touches on stablecoins to a lesser extent). You may be
interested to have a read and of course we always welcome submissions.
Secondly, if you are still active in the field, I wondered whether you would be interested in
meeting (virtually) some of the policy people in Money and Cash working on these issues, to
share perspectives etc.
Sorry for cold calling, hope the lockdown is treating you as well as can be expected.
Kind regards
Ian
Ian Woolford Head of Money and Cash
Reserve Bank of New Zealand – Te Pūtea Matua
2 The Terrace, Wellington 6011. PO Box 2498, Wellington 6140
T + 64 4 471 3739
E [email address] W rbnz.govt.nz
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IN CONFIDENCE