NZ central bank governor labels stablecoins ‘the biggest misnomers’

Reserve Bank of New Zealand governor Adrian Orr said Bitcoin and stablecoins are neither a means of exchange nor a store of value.

New Zealand central bank governor Adrian Orr has slammed stablecoins claiming they are not a substitute for fiat money and “are not stable.”

Speaking before a Feb. 12 parliamentary finance committee, Orr commented that stablecoins are “the biggest misnomers” and “oxymorons.”

Orr was responding to a question on whether the Reserve Bank of New Zealand (RBNZ) was concerned about decentralized digital currencies and stablecoins, to which he responded that the bank was “critically concerned.”

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