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 replied that the bank was “critically concerned.”
