HA! HA! Indeed the financial regulation laws need to be changed. There should be an independent financial services regulator like in the UK and RSA in line with global trends. The RBZ has too much power and little competence. In the UK there is the Bank of England and the Financial Services Authority. If you want to start your own "Paypal" you don't need the Bank of England. I have had banks tell me that the RBZ has even "vetoed" even what you and I would call "basic" technological advancements. There is a need to restrict the activities of monetary policy from financial regulation
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