G7: stablecoins pose a threat to the financial system

A recent report from G7 suggests that global stablecoins can be dangerous to the stability of the financial system.

The report describes many of the risks that are associated with the use of digital currencies. It even explains that even if the companies involved in Libra could manage to solve some minor regulatory problems, they would not be able to get permission from the main regulators. The document also notes that G7 believes that no stablecoin project should have the right to start its activities until certain problems with the supervision and management of the crypto industry are resolved, all risks are eliminated.

G7 also thinks that stablecoins that have the ability to scale quickly can suppress the development of competitors and threaten financial stability, as there is a risk that users may one day be disappointed in this coin. It is anticipated that the provisions of this document will be discussed by finance ministers at the IMF's annual meeting, scheduled for this week.

Such statements explain the hostility of world regulators to Libra and TON projects. For example, Gabor Gurbaks, a digital assets strategist at VanEck, said on his Twitter blog the day before that companies, such as Visa, Mastercard, eBay, Stripe, received letters from regulators asking them not to experiment with Libra before leaving Libra. a new project, otherwise they would have additional, undesirable obligations to regulators.