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International Business Times
International Business Times
Business
Marvie Basilan

New Zealand's Central Bank Governor Slams Stablecoins As 'Biggest Misnomers'

New Zealand Adrian Orr the Reserve Bank of New Zealand Bitcoin
Pedestrians walk past as a security guard stands in the main entrance to the Reserve Bank of New Zealand located in central Wellington, New Zealand, July 3, 2017. (Credit: Reuters / DAVID GRAY)

KEY POINTS

  • When it comes to cryptocurrencies, banks should be "as transparent and blunt as we can," Orr said
  • He said stablecoins and other cryptocurrencies are "the biggest misnomers"
  • The Reserve Bank of New Zealand in July said it was exploring whether it should introduce CBDC in the future

The Reserve Bank of New Zealand's Governor Adrian Orr raised doubts on the stability of stablecoins, stating them as the "biggest misnomers" and "oxymorons," a combination of contradictory words with opposite meanings.

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