An Inquiry Into Cryptocurrencies
Parliament’s Finance and Expenditure Committee has opened an inquiry into the current and future nature, impact, and risks of cryptocurrencies.
Dr Duncan Webb, chairperson of the committee said: “This inquiry will give us a good opportunity to further our understanding of this increasingly important topic.”
The terms of reference for the inquiry are:
· To inquire into, and establish the nature and benefits of cryptocurrencies:
o To establish how crypto-currencies are created and traded.
o To understand the environmental impact of ‘mining’ crypto-currencies.
o To identify risks to users and traders of crypto-currencies.
· To identify 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.
Dr Webb said: “We look forward to engaging with some of New Zealand’s experts on this subject.”
The committee will make further announcements regarding the dates and nature of this inquiry in due course.