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<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

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