Bitcoin (BTC) and other crypto-currencies have not yet managed to provide a “reliable and attractive” means of payment or a Store of Value (store of Value), so a report of seven Nations (G7). The group of the G7, consisting of Germany, France, USA, Japan, Canada, Italy and the United Kingdom, has published on Thursday a final report on stablecoins and also about crypto-currencies is spoken.
Contents
Crypto-currencies, according to the G7 just for illegal activities
In the final report of the G7, it was generally viewed that the traditional Bank Transfers are slow and expensive, and that Stablecoins could solve some problems. But they are not free of risks and challenges.For the G7 crypto-currencies are not a solution, because they are “very volatile”, scalability issues have often complicated user interfaces offer, and in the points of Governance and regulation are inadequate set up. Of course, the G7 did not take, illegal transactions and criminal intentions crypto-currencies to award:
So crypto-systems more than a highly speculative asset class for certain investors and persons engaged in illegal activities served as a means of payment.
Stablecoins need to be better regulated
Stable coins have no fixed international classification and are of the view that the G7 might not be really stable. Since stable coins “could be used” as a means of payment and store of Value, should ensure the Issuer that the regulations are complied with.
No global Stablecoin-the project should begin operation until the legal, regulatory and Supervisory challenges and risks (….) adequately addressed through appropriate policies and by adherence to a clear and proportionate regulation.
Trade on the most successful Crypto-exchange. If you’re looking for a reputable point of contact, to act with real crypto currencies, then take a look at our Binance Test 2019! In this article, we have analyzed all the features and benefits of the crypto-exchange in more detail and evaluated. The most the most popular crypto-stock exchange today! Now on Binance sign up.
Libra responds to the final report of the G7
The Libra Association responded to the report of the G7 and explained that the Libra Stablecoin “will work with transparency and in partnership with the regulatory authorities”
Libra was designed to work with existing regulators to cooperate and the protection they offer to the digital world, apply. Without disturbing them or to undermine it.
The G7 has stated in its report, also, that governments should develop around the world, plans to improve the efficiency and reduce the costs for payments and financial services. In addition, the Central banks are “individually and jointly, the relevance of the output of digital currencies, the Central banks (CBDCs) in terms of the costs and Benefits in their respective countries rate”.Are crypto-currencies pushed intentionally by the G7 on the criminal Track? Come in to our Telegram Chat and talk with the experts and the Community. Subscribe to our News channel to not miss any News. (Image Source: Shutterstock)