G7 and G20 Leaders not Happy about Stablecoins
There is a draft of G20 meeting where they speak of some world financial issues, they mention Libra there but from it go over all stable coins saying they pose a risk to the global financial system.
The G7 believe that no stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks are adequately addressed
Stablecoin projects of potentially global reach and magnitude must meet the highest regulatory
standards and be subject to prudential supervision and oversight. Possible regulatory gaps should
be assessed and addressed as a matter of priority. It is against this backdrop that the G20 Leaders
asked the FSB to advise them on any additional multilateral responses as needed, given recent
developments.
Just some chosen by me texts, but here is whole if you want to read - https://www.fsb.org/wp-content/uploads/P131019.pdf
Its interesting as stable coins are now almost everywhere to avoid dealing with FIAT and banks yet they are counted as ie USD or EUR in volumes.
Lets see just USDT volume.
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You may be interested in reading what the IMFBlog had to say about stablecoins.
Here is the conclusion to the authors' two-parts series:
https://blogs.imf.org/2019/09/19/digital-currencies-the-rise-of-stablecoins/
https://blogs.imf.org/2019/09/26/from-stablecoins-to-central-bank-digital-currencies/
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Bitcoin will be 'allowed' to grow up because it doesn't currently challenge government issued fiat currencies, anything that does will have a major uphill battle coming.
BTC = digital gold, and that's a good thing for it currently.
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