Premium Invest Hub
  • Investing
  • Stock
  • Latest News
  • Editor’s Pick
  • Economy
Popular Topics
  • Occupied West Bank rocked by day of violence as gunmen kill three Israeli settlers and reprisal attacks reported
  • Azerbaijan’s leader accuses Russia of passenger jet crash ‘cover up’ in blistering new attack on neighbor
  • Spanish woman killed by elephant in Thailand while bathing animal, police say
  • US adds Chinese tech giants to list of companies allegedly working with China’s military
  • Bad news for homebuyers in the Northeast and Midwest

    Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions
    Premium Invest Hub
    • Investing
    • Stock
    • Latest News
    • Editor’s Pick
    • Economy
    • Investing

    New Zealand Central Bank Governor Issues Warning Against Stablecoins

    • February 12, 2024

    New Zealand’s central bank governor, Adrian Orr, raised concerns about the stability of cryptocurrencies, particularly stablecoins, during a parliamentary committee meeting on Monday.

    He criticized these tokens as “misnomers” and “oxymorons,” highlighting their vulnerability to traditional financial turmoil and potential to disrupt real-world markets, Bloomberg reported.

    Stablecoins are designed to maintain a consistent value, often pegged to real-world assets like the US dollar. However, Orr emphasized that their stability hinges on the financial strength of the issuing entity, raising doubts about their reliability.

    Crypto Can Not Replace Fiat


    The central bank’s governor further emphasized that cryptocurrencies like Bitcoin do not fulfill the fundamental roles of money – serving as a medium of exchange, a store of value, and a unit of account.

    These remarks echoed wider concerns among central banks globally. When questioned about the potential threat of independent digital currencies to the traditional financial system, Orr admitted “critical concern” due to the discrepancy between their advertised benefits and their actual functionality within the financial system.

    He stressed that established fiat currencies, backed by government and central bank authority, provide essential stability and inflation control, unlike most cryptocurrencies.

    While Orr acknowledged the innovative potential of blockchain technology, he urged caution regarding its application in financial systems.

    Central banks worldwide are working to understand and address the potential risks and opportunities these digital assets present. Several other central banks have issued a similar warning against cryptocurrencies.

    Earlie, the governor of Reserve Bank of India warned that cryptocurrencies pose a higher threat to developing economies.

    The post New Zealand Central Bank Governor Issues Warning Against Stablecoins appeared first on Cryptonews.

    Previous Article
    • Investing

    Ripple-Owned Metaco Loses its CEO and Chief Product Officer: Report

    • February 12, 2024
    View Post
    Next Article
    • Investing

    BlackRock’s Rick Rieder Hints at Expanded Bitcoin Exposure

    • February 12, 2024
    View Post

      Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


      By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

      Popular Topics
      • Occupied West Bank rocked by day of violence as gunmen kill three Israeli settlers and reprisal attacks reported
      • Azerbaijan’s leader accuses Russia of passenger jet crash ‘cover up’ in blistering new attack on neighbor
      • Spanish woman killed by elephant in Thailand while bathing animal, police say
      • US adds Chinese tech giants to list of companies allegedly working with China’s military
      • Bad news for homebuyers in the Northeast and Midwest
      Copyright © 2025 premiuminvesthub.com | All Rights Reserved
      • About us
      • Contact us
      • Privacy Policy
      • Terms & Conditions

      Input your search keywords and press Enter.