The Hong Kong Monetary Authority (HKMA) has said that algorithmic stablecoins pose significant risks and they intend to require that all stablecoins issuers back their value with an equivalent value of reserve assets at all times. The HKMA released the conclusions of a discussion paper on crypto-assets and stablecoins on Tuesday which summarized the feedback the agency received from 58 respondents. Hong Kong Bans Algorithmic Stablecoins The report said that stablecoins that derive their value based on arbitrage or algorithm will not be accepted. Stablecoin holders should be able to redeem the stablecoins into the referenced fiat currency at par within a The post Hong Kong Monetary Authority Bans Algorithmic Stablecoins appeared first on Cryptoknowmics-Crypto News and Media Platform .
Elon Musk’s Recent Update Ignites XRP Army
