{"id":10611,"date":"2024-02-12T10:56:23","date_gmt":"2024-02-12T08:56:23","guid":{"rendered":"https:\/\/forklog.com\/en\/new-zealands-central-bank-chief-criticizes-stablecoin-as-an-oxymoron\/"},"modified":"2024-02-12T10:56:23","modified_gmt":"2024-02-12T08:56:23","slug":"new-zealands-central-bank-chief-criticizes-stablecoin-as-an-oxymoron","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/new-zealands-central-bank-chief-criticizes-stablecoin-as-an-oxymoron\/","title":{"rendered":"New Zealand&#8217;s Central Bank Chief Criticizes &#8216;Stablecoin&#8217; as an Oxymoron"},"content":{"rendered":"<p>Adrian Orr, Governor of the Reserve Bank of New Zealand, expressed significant concerns about cryptocurrencies and stablecoins while <a href=\"https:\/\/vimeo.com\/showcase\/10758103\/video\/912104765\">addressing<\/a> the parliamentary Finance Committee.<\/p>\n<p>According to him, Bitcoin is neither a medium of exchange, a store of value, nor a unit of account, despite attempts by people to use it as such.<\/p>\n<p>Orr added that stablecoins also cannot replace paper money, as they are &#8220;unstable,&#8221; and the term itself is merely an &#8220;oxymoron.&#8221;<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Stablecoins are the most misleading term. Stablecoins are not stable. They are only as good as the [bank] balance of the person offering this &#8216;stable coin&#8217;,&#8221; he stated.<\/p>\n<\/blockquote>\n<p>The head of the regulator explained that only fiat currencies can possess the characteristics of a means of payment, as parliament and the central bank support their &#8220;low and stable inflation.&#8221;<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;To be perfectly frank, cryptocurrencies are speculative coins, not currency and not central bank cash,&#8221; Orr declared.<\/p>\n<\/blockquote>\n<p>He pointed to the existing regulatory pressure on stablecoins, citing the United Kingdom as an example, where the development of regulations for these assets &#8220;is proving very difficult.&#8221;<\/p>\n<p>Back in the summer of 2021, the Reserve Bank began exploring the potential of a national digital currency. Among other issues, the possibility of replacing cash with a CBDC is being discussed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Adrian Orr, Governor of the Reserve Bank of New Zealand, expressed significant concerns about cryptocurrencies and stablecoins while addressing the parliamentary Finance Committee. According to him, Bitcoin is neither a medium of exchange, a store of value, nor a unit of account, despite attempts by people to use it as such. Orr added that stablecoins [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10610,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1381,1138,807],"class_list":["post-10611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-new-zealand","tag-opinions","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"45","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/10611","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=10611"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/10611\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/10610"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=10611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=10611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=10611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}