Bank of Hong Kong is working to protect investors from cryptocurrencies
2022.12.02 03:24
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Bank of Hong Kong is working to protect investors from cryptocurrencies
Budrigannews.com – Central bank governors from all over the world are in Thailand today to talk about the importance of Central Banks in the development of financial technology.
The Bank of Thailand BOT and the Bank of International Settlement BIS are taking part in the conference. In the panel session on digital systems participated Eddie Yue (Yue Eddi), Executive Director of the Hong Kong monetary authority, Changan Ri (Ri Change), Bank of Korea Governor (Adrian Orr) (Adrian Orr) (Adrian Orr) (Adrian Orr) (Adриан Orr) (Adриан Orr) (Adриан Orr) (Adриан Orr) (Adриан Orr) (Adриан of Single). They talked about the fact that digital assets and digital currencies of the Central Bank of the Central Bank of Russia and the risks associated with new technologies.
Hong Kong’s head of monetary management spoke about new technologies and advantages of blockchain technology and how they can affect central banks. Yue believes that a stable coin and the Central Bank of Russia make it possible to provide a more economical and efficient way of transactions in the long term.
However, he stressed that any new equipment is associated with a certain risk, both innovative and operational risks. Yue stated that since blockchain is inherently a decentralized technology, reducing risks in the chain is much more difficult. As a result, regulators should focus on activities outside the networks. He clarified:
“We can start with regulating off-chain activities like regulating virtual asset exchanges. Hong Kong will soon introduce not just AML (anti-money laundering) aspect but also investor protection.”
In light of the recent crypto epidemics, the governor of the Bank of Korea, Changyong Rhee, was less than enthusiastic about the prospects for blockchain technology in the financial sector.
“We are seeing the benefit of this technological development recently,” he stated, “I was more optimistic before, but after seeing the Luna, Terra, and now the FTX issues.”Rhee stated, “I don’t know if we will actually see the benefit of this new technology, at least for monetary policy.”
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