RBNZ considers that Stage Three will involve the development of prototypes and will be completed between 2028-2029. Then, in around 2030, they 'would introduce digital cash to Aotearoa New Zealand.'

The language the RBNZ uses, from the rhetoric around risk to the so-called benefits of CBDCs, mimics the language and concerns of the global banking, finance, and technology (Fintech) industry and management consultancy interests.

There doesn't seem to be a role for Parliament to debate whether or not New Zealand's central bank should even enter the retail currency market.

It seems that the financial markets regulator, the regulator of retail banks, presumes that it can grant itself powers to enter the very market it is supposed to regulate, the retail banking market.

New Zealand's central bank is somewhat unusual in that it is charged with broader powers than most central banks. Following a major International Monetary Fund (IMF) review, the RBNZ experienced its greatest transformation process in forty years.

The RBNZ is not only responsible for monetary policy, the central bank is the financial markets regulator – responsible for oversight of the financial system and prudential regulation of banks, deposit-takers, and insurance companies. The RBNZ can now decide if a financial institution is too big to fail (systemically important). Recently, the RBNZ engaged in large-scale asset purchases, which resulted in billion-dollar losses and appeared to primarily benefit foreign-owned banks.