The debate on the future of money: what did the Governor of the Reserve Bank of New Zealand say?

Central Banking According to the Governor of the Reserve Bank of New Zealand

During a recent parliamentary committee meeting on February 12th, the Governor of the Reserve Bank of New Zealand, Adrian Orr, stirred up a storm with his remarks on central banking, sparking intense debate within the cryptocurrency community.

Central Banking: “A Wonderful Business of Printing Money”

Orr did not hold back in his critique of central banking, labeling it as “a wonderful business of printing money where people believe in it.” This ironic comment drew laughter from the meeting participants but at the same time revealed the essence of contemporary central banking practices.

Bitcoin Enthusiasts Applaud Governor’s Remarks

Bitcoin enthusiasts welcomed Orr’s words with joy, seeing them as confirmation of their long-held beliefs about the shortcomings of traditional monetary systems. They argue that central banks manipulate currency values, whereas Bitcoin operates independently of government control.

Separating Money from the State

Bitcoin proponents advocate for separating money from the state, viewing Bitcoin as a decentralized alternative that ensures financial freedom. They have concerns about the centralization of money and the limitation of individual freedom through centrally issued digital currencies by central banks (CBDC).

Debate on the Future of Money

Despite Orr’s reservations about CBDCs, New Zealand is considering the possibility of introducing its own central bank digital currency as early as September 2021. The governor’s statement underscores the ongoing debate regarding the future of money and the evolving role of central banks in a rapidly changing financial landscape.

Decisions regarding the potential introduction of a central bank digital currency will have significant implications not only for New Zealand but also for the global economy and the future of financial systems worldwide.