Reserve Bank Governor Adrian Orr's comment made in a Select Committee meeting on Monday has been viewed hundreds of thousands of times on X. Orr’s comment played directly into their diamond hands. That is how the central bank works. “What is advertised on the tin is not what is in the tin for these purported alternatives to central bank cash. “It is not at all a substitute for, not even a complement to, central bank money, fiat currency.”On behalf of the New Zealand Government, Smith said, “we agree with that”.

Source: New Zealand Herald February 14, 2024 02:51 UTC