- New Zealand central bank governor Andrian Orr has chastised stablecoins as “the biggest misnomers” and “oxymorons.”
- The Governor adds that the stablecoins do not always remain stable and are vulnerable to the downfall of the traditional financial system.
- As per his words, despite Bitcoin’s inability to substitute fiat currencies, people tend to use it like that.
New Zealand Central Bank Governor Andrian Orr has joined the leading crypto critics like US Senate Elizabeth Warren, disregarding digital currencies, especially stablecoins, as a fiat equivalent. According to a recent Bloomberg report, 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,
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 …