November 27, 2022

G-7 will not allow the launch of global stablecoins without proper control

G-7 will not allow the launch of global stablecoins without proper control

The G-7 working group report said that the presenterscountries of the world will not allow the launch of global stablecoins, such as Libra Facebook, without addressing control issues and risk minimization mechanisms for the financial system.

October 18, the document was sent to ministersG7 finance and central bank governors. In it, the working group indicates that none of these projects should start functioning until proper regulatory mechanisms have been developed to solve legal, regulatory and supervisory problems. and risks.

According to participants, the first wave of cryptocurrencies does notcould become a reliable and attractive means of payment and preservation of value. However, stablecoins can better perform these functions and contribute to the development of global wicker systems, making them faster, cheaper and more affordable.

The report also describes potential problems andrisks in the field of state policy, regulation, legal certainty, AML / CFT, compliance with laws and tax requirements. In addition, the working group believes that with the global use of stablecoins, they can threaten global financial stability and the monetary system.

Such conclusions coincide with the position of the FATF, which is already developing a system for global monitoring of cryptocurrency operations.