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Crypto investor calls for central banks to protect stablecoin reserves – AFR

Published 23 May 2022

In light of the incredible scenes out of the US with LUNA, Holon’s Managing Director Heath Behncke, was asked to share his views on stablecoins in The Australian Financial Review. Crypto investor calls for central banks to protect stablecoin reserves, 16 May, 2022. Below is an extract, the full article can be accessed here.

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The meltdown of the terra stablecoin last week should force policymakers to create safer ways to move fiat currency into digital assets, a leading local investor in technology powering cryptocurrencies says.

Heath Behncke, managing director of Holon Global Investments, said the sooner stablecoins were regulated, the better. On Friday, both the Reserve Bank of Australia and Australian Prudential Regulation Authority flagged more intense scrutiny of stablecoins, which have largely operated outside regulatory oversight.

Heath Behncke: “You can have a completely safe stablecoin if it is an extension of a central bank.” Oscar Colman

Mr Behncke was one of the first Australian investors to see the potential of stablecoins after Facebook proposed the now defunct libra coin in 2019. But he has been reluctant to use them because of uncertainties around asset backing and how they are pegged. Following the terra collapse last week, he said there was need for a better policy framework that involved central banks.

 

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