Governor of the Reserve Bank of New Zealand: Stablecoins and other cryptocurrencies cannot replace fiat currency

ChainCatcher news, according to Bloomberg, New Zealand's central bank governor Adrian Orr has warned about cryptocurrencies such as stablecoins, stating that they cannot replace fiat currency. Orr said on Monday at a parliamentary committee in Wellington that stablecoins are the "greatest misnomer" and a "contradiction." Orr pointed out, "Stablecoins are not stable. The value of stablecoins entirely depends on the balance sheet situation of their issuer."