Parliament’s Finance and Expenditure Select Committee is launching an inquiry into "the current and future nature, impact, and risks of cryptocurrencies."
Labour MP Duncan Webb, chairman of the committee, says the inquiry will provide a good opportunity to further members' understanding of an increasingly important area.
The terms of reference for the inquiry are:
• 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.
• 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.
Webb says committee members look forward to engaging with some of New Zealand’s cryptocurrency experts. He says the committee will make further announcements on the dates and nature of the inquiry "in due course."
The inquiry follows a motion from committee member, Labour MP and former President of the New Zealand Police Association, Greg O’Connor.