The G7, the group of the world's seven largest economies, released yesterday its long-awaited report on stablecoins.
According to the document, the task force focused on developing the report points out that despite the fact stablecoins such as Libra, Facebook's stablecoin, represent a risk to global financial stability, they also have great potential in the field of payments.
The G7 has confirmed it will not allow the launch of any stablecoin if it does not address all the challenges and risks it may represent.
The report literally says:
"No global stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks are adequately addressed, through appropriate designs and by adhering to regulation that is clear and proportional."
The report also highlights first generation cryptocurrencies have failed to provide a reliable means of payment or store of value. However, stablecoins have a series of features that allow them to be used as a means of payment and a store of value.
The finance ministers of France and Germany have recently said their countries will not allow the development of the Libra project in their countries.
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