Reserve

Bank AI

Bitcoin

Coin

<ul class="news-points"> 
 <li>New Zealand central bank governor Andrian Orr has chastised stablecoins as “the biggest misnomers” and “oxymorons.”</li> 
 <li>The Governor adds that the stablecoins do not always remain stable and are vulnerable to the downfall of the traditional financial system.</li> 
 <li>As per his words, despite Bitcoin’s inability to substitute fiat currencies, people tend to use it like that.</li> 
</ul> 
New Zealand Central Bank Governor Andrian Orr has joined the leading crypto<a href="https://coinedition.com/coinbase-ceo-reacts-to-growing-support-for-senator-warrens-anti-crypto-bill/"> critics</a> like US Senate Elizabeth Warren, disregarding digital currencies, especially stablecoins, as a fiat equivalent. According to a recent Bloomberg <a href="https://www.bnnbloomberg.ca/new-zealand-central-banker-slams-stablecoins-as-oxymorons-1.2033623" target="_blank" rel="nofollow">report</a>, the governor has chastised stablecoins as “the biggest misnomers” and “oxymorons.” 
The Reserve Bank Governor also commented on the futility of Bitcoin as a means of exchange or a store of value. He added that despite its inability to stand as a substitute for fiat currencies, “people try to use it as that.” He cited, 
<blockquote class="wp-block-quote"> 
 Bitcoin is neither a means of exchange, nor a store of value, nor a unit of account, yet people try to use it as that… It’s got other purposes but it is not at all …
</blockquote>
The post <a href="https://coinedition.com/nz-reserve-bank-governor-chastises-stablecoins-as-the-biggest-misnomers/">NZ Reserve Bank Governor Chastises Stablecoins as the Biggest Misnomers</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

NZ Reserve Bank Governor Chastises Stablecoins as the Biggest Misnomers

Coin Edition

Other articles published on Feb 12, 2024

Bitcoin Breaks Above $50,000 in Stunning Comeback

Bitcoin Soars Beyond $48K as Markets Eagerly Eye $50K Threshold

Tether USDt (USDT) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Chip Maker Arm’s AI Revenue Poses Questions Despite Higher Valuation

Filecoin (FIL) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

OKX Debuts Digital Asset Services in Argentina: Details

Join our free newsletter for daily crypto updates!