New Zealand Central Bank Governor: Cryptocurrencies such as stablecoins cannot replace fiat currencies

Odaily News New Zealand Central Bank Governor Adrian Orr warned against cryptocurrencies such as stablecoins, saying that they cannot replace fiat currencies. Orr told a parliamentary committee in Wellington on Monday that stablecoins were the biggest misnomer and a contradiction. Orr pointed out: Stablecoins are not stable. The value of a stablecoin depends entirely on the balance sheet of its issuer. (Bloomberg)