Report: Self-Serving G7 Says ‘Global Stablecoins’ Pose Threat to Financial Stability

The G7 group of nations has reportedly drafted a report which says that “global stablecoins” pose a threat to the global financial system.
According to the BBC on Oct. 13, a draft report from the G7 outlined the various risks associated with digital currencies. It also said that, even if member firms of the governing Libra Association addressed regulatory concerns, it may not get approval from the necessary regulators, stating:

Quote :: "The G7 believe that no stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks are adequately addressed. [...] Addressing such risks is not necessarily a guarantee of regulatory approval for a stablecoin arrangement."

The G7 also states that global stablecoins with the potential to scale rapidly could stifle competition and threaten financial stability if users lose confidence in the coin.
The report will purportedly be presented to finance ministers at an annual meeting of the International Monetary Fund this week.

Report: Self-Serving G7 Says ‘Global Stablecoins’ Pose Threat to Financial Stability 740_aHR0cHM6Ly9zMy5ldS1jZW50cmFsLTEuYW1hem9uYXdzLmNvbS9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMTktMTAvMmZhNGU1OGItMzVlMS00YmNkLTlkMGYtODJhNzgxZjM1YTdjLmpwZw==

Report: Self-Serving G7 Says ‘Global Stablecoins’ Pose Threat to Financial Stability 740_aHR0cHM6Ly9zMy5ldS1jZW50cmFsLTEuYW1hem9uYXdzLmNvbS9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMTktMTAvMmZhNGU1OGItMzVlMS00YmNkLTlkMGYtODJhNzgxZjM1YTdjLmpwZw==

https://cointelegraph.com/news/report-g7-says-global-stablecoins-pose-threat-to-financial-stability

Report: Self-Serving G7 Says ‘Global Stablecoins’ Pose Threat to Financial Stability

Report: Self-Serving G7 Says ‘Global Stablecoins’ Pose Threat to Financial Stability

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