HKMA chief Eddie Yue: more scrutiny of stablecoins could help reduce risks from DeFi

07/17 07:21

Eddie Yue, the Hong Kong Monetary Authority (HKMA) chief said in a panel discussion at the G20 finance officials meeting in Indonesia that more scrutiny of stablecoins could help reduce risks from decentralised finance (DeFi) projects, part of the crypto currency ecosystem. Stablecoins and crypto exchanges are gateways to DeFi projects, and Yue said it was easier to regulate them than the products themselves. "Despite the Terra-Luna incident I think crypto and DeFi won't disappear - though they might be held back - because the technology and the bushiness innovation behind these developments are likely to be important for our future financial system," Yue said.
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