December 4, 2020

G7 believes stablecoins pose a threat to financial stability

G7 believes stablecoins pose a threat to financial stability

A group of G7 countries has prepared a report that outlines the various risks associated with with digital currencies. It also states that even if Libra Association complies with all regulatory requirements, it will still not receive their approval.

The G-7 believes that no one is stablea coin cannot be approved until all legal issues are resolved and all risks are resolved. However, taking these risks into account is not necessarily a guarantee of project approval.

G7 believes that global stable coins withthe potential for rapid scaling can jeopardize financial stability. The G7 report is expected to be presented to finance ministers at the International Monetary Fund's annual meeting this week.

Recall that regulators are concerned about possiblethe impact of the project on the economy and try to explore all possible risks before making any decision. The Bank of England is developing the provisions that a project must comply with before it can be resolved in the United Kingdom. The United States invited Mark Zuckerberg to address the House of Representatives Financial Services Committee later this month.

In addition, four major projects left the project.partner and startup Сurrent initiated a lawsuit against Facebook, accusing the company of violating intellectual property rights regarding the use of the Libra logo.

According to the materials cointelegraph.com