Geoff Bascand, deputy governor and chief of operations at the Central Bank of New Zealand (RBNZ) said that digital currencies could one day evolve to supplant money as we know it.
In a recent speech delivered to the Royal Numismatic Society in Wellington at the weekend, described Bascand digital currencies as a "challenge to shape and provenance" of money.
He outlined a number of advantages associated with digital currencies, along with the list also followed the concerns and risks associated with them.
advantages:
"[Bitcoin] is a method of paying very low cost, with strong security features and usable for international transactions, making it advantageous in some aspects of the more traditional payment mechanisms."
risks:
"The main attributes of confidence (that the" money "in giving rise to the settlement of the obligation) and anonymity (it is often efficient to parts sales / purchase, not having to identify one or other element), but if these can be performed reliably and sustainable, new technologies could supplant money as we know it in the coming years. "
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