Crypto Council comments on Hong Kong’s proposal defending Algorithmic Stablecoins

Author: Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

Mar 2, 2024 21:06

CCI has commented on the proposed stablecoin regulatory regime in Hong Kong criticising the proposed reserve and operational requirements defending algorithmic stablecoins, which the Hong Kong authorities had disapproved of. As per the report, the physical presence of senior management personnel in Hong Kong can be challenging, given the decentralized nature of crypto globally. An algorithmic stablecoin would be unable to meet such requirements, as per the report. CCI overall stressed on a risk based approach setting decentralized thresholds which will not hamper its innovation.